Novastar Ventures

Novastar Ventures Ltd is a venture capital firm established in 2014 and headquartered in Nairobi, Kenya, with additional offices in Lagos, Nigeria, and London, United Kingdom. The firm specializes in seed, start-up, early to late venture, and growth capital investments, primarily targeting education, healthcare, agri-business, food, and water sectors. Novastar Ventures focuses on serving Base of Pyramid (BoP) markets in East and West Africa, Asia, Europe, and the United States. The firm typically invests between $0.25 million and $8 million in innovative companies that aim to profitably address the needs of East Africa’s aspiring mass market. Rather than viewing themselves solely as fund managers, Novastar Ventures emphasizes collaboration with entrepreneurs to transform ideas into impactful businesses, fostering innovation, accountability, and wealth accumulation for the common good.

Steve Beck

Managing Partner

Abel Boreto

Associate

Andrew Carruthers

Managing Partner

Asha Mweru

Investment Associate

Brian Waswani Odhiambo

Managing Director

Sapna Shah

Partner

Bethel Tsegaye

Investment Manager

Niraj Varia

Partner

Past deals in Africa

BasiGo

Seed Round in 2022
BasiGo is an e-mobility startup focused on transforming public transportation by offering electric buses as a cost-effective alternative to diesel. The company aims to make electric buses accessible to all bus owners through innovative Pay-As-You-Drive financing systems. BasiGo's electric buses utilize proven and safe battery technology, allowing them to operate throughout the day on a single charge. By providing an economical, convenient, and reliable solution, BasiGo helps customers address the challenges posed by increasing diesel fuel costs, thereby promoting a more sustainable future in public transport.

Poa Internet

Series C in 2022
Poa Internet Ltd. is a telecommunications company founded in 2015 and based in Nairobi, Kenya. It specializes in providing low-cost internet services to individuals and small businesses in low-income neighborhoods, particularly in Kibera and Kwangware. The company aims to make internet access affordable and reliable, offering prices that are 40% lower than traditional network operators. Poa delivers its services through a comprehensive Wi-Fi network that ensures connectivity throughout entire neighborhoods, allowing users to access the internet on any Wi-Fi-enabled device. Additionally, Poa stands out from competitors by providing transparent pricing, non-time-limited data bundles, and free online content and tools, including job boards and marketplaces.

mPharma

Funding Round in 2022
mPharma Data, Inc. is a technology-driven company based in Accra, Ghana, with an additional location in Lexington, Massachusetts. Founded in 2013, it focuses on improving access to high-quality medications in emerging markets by connecting physicians, pharmacies, and patients through its application. The company aggregates real-time market data on prescription trends, drug consumption, and adverse reactions, providing valuable insights to pharmaceutical manufacturers, distributors, and governments. mPharma offers a pharmacy network application that centralizes inventories from multiple pharmacies, enabling easier drug searches for physicians and patients. Additionally, the company provides subscription-based data analytics for actionable insights on drug consumption and diagnosis, along with prescription management tools to assist healthcare providers in locating various medicines. By partnering with drug manufacturers, insurance companies, and governments, mPharma aims to facilitate affordable access to essential medications for patients.

TradeDepot

Series B in 2021
TradeDepot Inc. develops a SaaS platform for FMCG distribution in Africa. It enables predictive trade intelligence to leapfrog the competition, real-time access to distributors' stock levels, receive bulk orders online, and auto-generate sales promotions to boost sales. It helps to connects with distributors, wholesalers and retailers online, on one platform. The company was founded in 2016 and is based in Lagos, Nigeria with additional office in Wilmington, Delaware.

TeamApt

Series B in 2021
TeamApt is a financial technology company focused on, developing Digital Banking, Digital Business solutions, and running Payments Infrastructure by rethinking the needs of consumers, businesses, and the financial industry. Beginning operations in 2015, TeamApt was borne from a desire to create financial happiness, building solutions and tools for businesses and individuals to happily manage money. TeamApt is proudly Nigerian but globally focused, with an eclectic mix of backend, frontend, reliability, quality assurance, distributed data storage engineers to ensure critical solutions and products for our customers are built right, securely, scalably and reliably. Our end goal is to see our customers happy which can only happen when they succeed using our solutions to run their daily lives and businesses.

Turaco

Seed Round in 2020
Turaco develops simplified insurance and credit solutions through mobile technology to solve the healthcare financing needs. Turaco has simplified insurance products and also provides on-demand health loans, allowing customers to get healthcare at affordable monthly premiums.

MAX

Venture Round in 2019
Metro Africa Xpress, also known as MAX.ng, is a Lagos-based company that specializes in on-demand package pickup and delivery services. Incorporated in 2015, MAX.ng offers various delivery options including same day, three-hour, and next day services. The company addresses last-mile delivery challenges by utilizing mobile and web platforms to connect consumers, retail businesses, and independent drivers in real-time. By streamlining logistics and leveraging technology, MAX.ng aims to enhance the capabilities of retail businesses in Africa, facilitating growth and improving service delivery in the region. Additionally, the company provides a mobile application that integrates delivery services with ride-hailing options, further enhancing convenience for its users.

iProcure

Venture Round in 2019
iProcure is a Nairobi-based start-up working to optimize the agriculture input supply chain in rural Kenya. iProcure’s web and mobile technology solution improves agriculture retailers’ operations. It lets them manage ordering based on inventory, point of sale activities, and client profiles along with geo-located purchasing patterns, real-time agent performance and transaction analysis, and built-in mobile payments. As a result, retailers can better predict demand with business intelligence data, improve inventory management, and streamline distribution efficiency.

Soko

Series A in 2019
Soko, Inc. operates an online store for handcrafted jewelry and accessories. It offers necklaces, bracelets, earrings, and rings. The company was formerly known as SasaAfrica. Soko, Inc. was founded in 2011 and is based in Kenya with additional offices in Nairobi, San Francisco, and New York. Soko, Inc. operates as a subsidiary of SOKO EPZ.

GreenPath Food

Venture Round in 2019
GreenPath Food, Inc. is a company based in Butajira, Ethiopia, that specializes in the production and sale of avocados as well as a variety of other organic fruits and vegetables, including African bird’s eye chili, edamame, lemongrass, moringa, and rosemary. The company focuses on enhancing food production on Partner Farms by promoting organic, bio-diverse, and sustainable farming practices. This approach not only increases the yield of nutritious crops but also helps farmers move away from reliance on synthetic chemicals and pesticides, which can harm both the environment and human health. By cultivating food through permaculture-based methods and without machinery, GreenPath supports smallholder agriculture, contributing to sustainable supply chains and enabling farmers in East Africa to adopt environmentally friendly practices while providing consumers with fresh, healthy produce.

mPharma

Series B in 2019
mPharma Data, Inc. is a technology-driven company based in Accra, Ghana, with an additional location in Lexington, Massachusetts. Founded in 2013, it focuses on improving access to high-quality medications in emerging markets by connecting physicians, pharmacies, and patients through its application. The company aggregates real-time market data on prescription trends, drug consumption, and adverse reactions, providing valuable insights to pharmaceutical manufacturers, distributors, and governments. mPharma offers a pharmacy network application that centralizes inventories from multiple pharmacies, enabling easier drug searches for physicians and patients. Additionally, the company provides subscription-based data analytics for actionable insights on drug consumption and diagnosis, along with prescription management tools to assist healthcare providers in locating various medicines. By partnering with drug manufacturers, insurance companies, and governments, mPharma aims to facilitate affordable access to essential medications for patients.

PayGo Energy

Venture Round in 2018
Globally, three billion people cook with biomass. The use of open fires and inefficient cookstoves with fuels such as wood, charcoal, and kerosene causes serious environmental and health impacts that disproportionately affect underserved communities. PayGo Energy is a revolutionary cookstove solution and distribution system that enables consumers to access clean and efficient fuel at a price point that is within their daily energy budget.

GreenPath Food

Series A in 2018
GreenPath Food, Inc. is a company based in Butajira, Ethiopia, that specializes in the production and sale of avocados as well as a variety of other organic fruits and vegetables, including African bird’s eye chili, edamame, lemongrass, moringa, and rosemary. The company focuses on enhancing food production on Partner Farms by promoting organic, bio-diverse, and sustainable farming practices. This approach not only increases the yield of nutritious crops but also helps farmers move away from reliance on synthetic chemicals and pesticides, which can harm both the environment and human health. By cultivating food through permaculture-based methods and without machinery, GreenPath supports smallholder agriculture, contributing to sustainable supply chains and enabling farmers in East Africa to adopt environmentally friendly practices while providing consumers with fresh, healthy produce.

SolarNow

Series B in 2017
SolarNow Services (U) LTD designs, develops, and sells solar systems. It offers household solutions, which include radio torches, flat iron, clippers, lightpacks, floodlight packs, decoders, fridges, solar laptop chargers, and TVs and DVDs: and farming solutions that include solar water pumps; small business solutions, and corporate solutions. The company was founded in 2011 and is based in Kampal, Uganda. It has branch locations in Uganda and Kenya. SolarNow Services (U) LTD operates as a subsidiary of SolarNow B.V.

Komaza

Series A in 2017
Komaza is a tech-driven sustainable forestry company revolutionizing the wood industry in Africa with its farmer platform. It combines technology, training, and service to create a new sustainable wood supply for Africa at an 80% cost disruption over traditional plantations. The company was founded in 2006 by Tevis Howard.

iProcure

Venture Round in 2017
iProcure is a Nairobi-based start-up working to optimize the agriculture input supply chain in rural Kenya. iProcure’s web and mobile technology solution improves agriculture retailers’ operations. It lets them manage ordering based on inventory, point of sale activities, and client profiles along with geo-located purchasing patterns, real-time agent performance and transaction analysis, and built-in mobile payments. As a result, retailers can better predict demand with business intelligence data, improve inventory management, and streamline distribution efficiency.

Poa Internet

Venture Round in 2017
Poa Internet Ltd. is a telecommunications company founded in 2015 and based in Nairobi, Kenya. It specializes in providing low-cost internet services to individuals and small businesses in low-income neighborhoods, particularly in Kibera and Kwangware. The company aims to make internet access affordable and reliable, offering prices that are 40% lower than traditional network operators. Poa delivers its services through a comprehensive Wi-Fi network that ensures connectivity throughout entire neighborhoods, allowing users to access the internet on any Wi-Fi-enabled device. Additionally, Poa stands out from competitors by providing transparent pricing, non-time-limited data bundles, and free online content and tools, including job boards and marketplaces.

iProcure

Series A in 2017
iProcure is a Nairobi-based start-up working to optimize the agriculture input supply chain in rural Kenya. iProcure’s web and mobile technology solution improves agriculture retailers’ operations. It lets them manage ordering based on inventory, point of sale activities, and client profiles along with geo-located purchasing patterns, real-time agent performance and transaction analysis, and built-in mobile payments. As a result, retailers can better predict demand with business intelligence data, improve inventory management, and streamline distribution efficiency.

Lynk Jobs

Seed Round in 2017
Lynk Jobs Limited operates a digital platform that connects informal workers with households and businesses seeking various services. Founded in 2015 and headquartered in Nairobi, Kenya, Lynk provides a network of professionals and artisans across multiple categories, including cleaning, plumbing, cooking, painting, carpentry, and wellness. Users can describe their project or service needs, receive quotes from verified professionals, and benefit from streamlined logistics. The platform also focuses on addressing the challenges faced by informal workers by facilitating effective recruitment, smart job matching, and a customer rating system that enables workers to enhance their skills profile. Additionally, Lynk offers training courses aimed at personal and professional development for its network of service providers.

PayGo Energy

Seed Round in 2017
Globally, three billion people cook with biomass. The use of open fires and inefficient cookstoves with fuels such as wood, charcoal, and kerosene causes serious environmental and health impacts that disproportionately affect underserved communities. PayGo Energy is a revolutionary cookstove solution and distribution system that enables consumers to access clean and efficient fuel at a price point that is within their daily energy budget.

Sanergy

Series B in 2017
Sanergy makes hygienic sanitation affordable and accessible in urban slums for everyone starting with Nairobi, Kenya. It promotes the fundamental human right to sanitation in the slums of Kenya by increasing access to and usage of hygienic sanitation facilities. Sanergy creates an efficient, equitable, and sustainable sanitation cycle by building a dense network of small-scale sanitation centers across the slums, a low-cost containerized waste collection infrastructure, and converting this waste at their central processing facility into useful byproducts, such as organic fertilizer and renewable energy.

Soko

Venture Round in 2016
Soko, Inc. operates an online store for handcrafted jewelry and accessories. It offers necklaces, bracelets, earrings, and rings. The company was formerly known as SasaAfrica. Soko, Inc. was founded in 2011 and is based in Kenya with additional offices in Nairobi, San Francisco, and New York. Soko, Inc. operates as a subsidiary of SOKO EPZ.

Poa Internet

Series A in 2016
Poa Internet Ltd. is a telecommunications company founded in 2015 and based in Nairobi, Kenya. It specializes in providing low-cost internet services to individuals and small businesses in low-income neighborhoods, particularly in Kibera and Kwangware. The company aims to make internet access affordable and reliable, offering prices that are 40% lower than traditional network operators. Poa delivers its services through a comprehensive Wi-Fi network that ensures connectivity throughout entire neighborhoods, allowing users to access the internet on any Wi-Fi-enabled device. Additionally, Poa stands out from competitors by providing transparent pricing, non-time-limited data bundles, and free online content and tools, including job boards and marketplaces.

Penda Health

Venture Round in 2016
Penda Health Limited operates a network of outpatient medical centers in Kenya, specifically located in Umoja and Kitengela. Founded in 2011, the company provides a range of healthcare services including medical consultations, laboratory facilities, pharmacies, dental services, and specialty consultations from OB/GYN professionals. In addition to patient care, Penda Health also focuses on continuing medical education for healthcare workers in the region. The organization aims to improve the accessibility and quality of outpatient care for patients and their families in Kenya. Penda Health is headquartered in Nairobi.

Sanergy

Venture Round in 2016
Sanergy makes hygienic sanitation affordable and accessible in urban slums for everyone starting with Nairobi, Kenya. It promotes the fundamental human right to sanitation in the slums of Kenya by increasing access to and usage of hygienic sanitation facilities. Sanergy creates an efficient, equitable, and sustainable sanitation cycle by building a dense network of small-scale sanitation centers across the slums, a low-cost containerized waste collection infrastructure, and converting this waste at their central processing facility into useful byproducts, such as organic fertilizer and renewable energy.

Hivisasa

Venture Round in 2015
At Hivisasa, we believe that societies function best when information flows freely among people. This is why we've created Africa’s first crowdsourced news site. Our innovative platform allows you not just to discover untold stories but also to write your own. Born five years ago, Hivisasa now reaches over two million Kenyan readers a month, whose engagement helps support 1,500+ pioneering local writers. And we are just getting started. As a Kenyan company, community is at the heart of everything we do. We are committed to fostering understanding, championing accountability and supporting collective action through local news. All Hivisasa editors are local and proud to collaborate with writers from all walks of life to bring you the news you need to stay ahead.

M-Farm

Venture Round in 2015
M-Farm Ltd. operates MFarm, a marketplace designed to connect smallholder farmers in Africa with urban and export markets. Established in 2010 and based in Nairobi, Kenya, the platform provides farmers with real-time market prices through an app or SMS, enabling them to make informed decisions. By negotiating with buyers to create demand and assuring quality through a network of agents, M-Farm encourages farmers to transition from subsistence farming to cash crop production. This is particularly significant in Kenya, where approximately 4 million of the 5 million households are smallholder farmers, often vulnerable to exploitation by middlemen. M-Farm enhances farmers' access to markets and incentivizes better agricultural practices through training and discounts on inputs. For buyers, M-Farm offers a reliable supply of high-quality, primarily organic produce, along with transparency in the supply chain and pre-negotiated prices that help mitigate price fluctuations. This dual approach benefits both farmers and buyers, fostering a more sustainable agricultural ecosystem.

Soko

Seed Round in 2015
Soko, Inc. operates an online store for handcrafted jewelry and accessories. It offers necklaces, bracelets, earrings, and rings. The company was formerly known as SasaAfrica. Soko, Inc. was founded in 2011 and is based in Kenya with additional offices in Nairobi, San Francisco, and New York. Soko, Inc. operates as a subsidiary of SOKO EPZ.

Komaza

Venture Round in 2015
Komaza is a tech-driven sustainable forestry company revolutionizing the wood industry in Africa with its farmer platform. It combines technology, training, and service to create a new sustainable wood supply for Africa at an 80% cost disruption over traditional plantations. The company was founded in 2006 by Tevis Howard.

SolarNow

Venture Round in 2014
SolarNow Services (U) LTD designs, develops, and sells solar systems. It offers household solutions, which include radio torches, flat iron, clippers, lightpacks, floodlight packs, decoders, fridges, solar laptop chargers, and TVs and DVDs: and farming solutions that include solar water pumps; small business solutions, and corporate solutions. The company was founded in 2011 and is based in Kampal, Uganda. It has branch locations in Uganda and Kenya. SolarNow Services (U) LTD operates as a subsidiary of SolarNow B.V.
Bridge International Academies operates primary schools focused on providing education to underprivileged children. Founded in 2007 and based in Nairobi, Kenya, the organization offers services that align with national curricula and emphasizes comprehensive teacher training and development programs. Utilizing advanced wireless technology, Bridge International Academies aims to deliver quality education at no cost to students, fostering opportunities for a brighter future for those in underserved communities.