Novastar Ventures

Novastar Ventures Ltd is a venture capital firm founded 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 focusing on businesses in education, healthcare, agriculture, food, and water sectors. Novastar Ventures targets companies based in East and West Africa, Asia, Europe, and the United States, investing amounts between $0.25 million and $8 million. The firm collaborates with entrepreneurs to create impactful solutions that address the needs of underserved markets, aiming to drive meaningful change and improve consumer experiences across various sectors. By fostering innovation and supporting bold business models, Novastar Ventures seeks to empower the next generation of entrepreneurs who are committed to serving the aspiring mass market in East Africa.

Abel Boreto

Associate Investment Director

Andrew Carruthers

Co-Founder and Managing Partner

Oluwatoyin Emmanuel-Olubake

Investment Director

Samuel Kanu

Venture Associate

Dominic Michel

Investment Director

Mathews Ndubi

Investment Analyst

Brian Waswani Odhiambo

West Africa Director

Shah, Sapna

Partner

Riki Yamauchi

Director, Strategic Investments and Partnerships

Toke Soyebo, C.

Venture Associate

Steven Beck Ph.D

Co-Founder and Managing Partner

Past deals in Africa

BasiGo

Seed Round in 2022
BasiGo is an e-mobility start-up focused on transforming public transportation in Kenya and Rwanda by providing electric buses as a cost-effective alternative to diesel. The company employs a pay-as-you-go model, which simplifies the transition for bus operators by including maintenance and battery charging in the financing plan. BasiGo's electric buses are designed to operate throughout the day on a single charge, utilizing proven and safe battery technology. This approach not only addresses the rising costs of diesel fuel but also aims to make electric buses affordable and accessible to all bus owners, thereby promoting sustainable and efficient public transport solutions in the region.

Poa Internet

Series C in 2022
Poa Internet Ltd. is a telecommunications company based in Nairobi, Kenya, founded in 2015. It specializes in providing low-cost internet services to individuals and small businesses in low-income neighborhoods, particularly in areas like Kibera and Kwangware. The company offers affordable and reliable internet access that is significantly cheaper than traditional network operators. Poa's services are delivered through a Wi-Fi network that covers entire neighborhoods, allowing users to connect with any Wi-Fi-enabled device at any time. Unique to Poa is its transparent pricing model, which includes data bundles without time limitations, as well as free content and online tools such as job boards and marketplaces. By focusing on underserved communities, Poa Internet aims to enhance access to education, trade, and social inclusion while ensuring improved quality of internet connections at accessible prices.

TeamApt

Series B in 2021
TeamApt is a financial technology company that develops digital banking and payment platform for financial transactions. It offers an end-to-end omnichannel digital banking service called Moneytor Digital Banking, enabling banks to offer retail, merchant, and corporate banking services through digital channels, Aptpay for automation of digital banking business operations, settlements, reconciliations, and tracks digital transformation processes with web and mobile interfaces. TeamApt was founded in 2015 and is headquartered in Lekki, Lagos, Nigeria.

Turaco

Seed Round in 2020
Turaco Inc. is an insurance technology company that specializes in providing health and life insurance services to low-income groups. Established in 2018 and based in Wilmington, Delaware, Turaco utilizes mobile technology to offer simplified insurance products and on-demand health loans. This approach addresses the healthcare financing needs of its customers, enabling them to access affordable medical coverage through manageable monthly premiums. By developing user-friendly mobile applications and online platforms, Turaco aims to enhance access to essential insurance services, particularly in emerging markets.

Komaza

Series B in 2020
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.

Max

Venture Round in 2019
Max is a company that offers motorcycle taxi and transport services, focusing on addressing last-mile delivery and online retail challenges in Africa. By utilizing mobile and web platforms, Max connects consumers, retail businesses, and independent drivers in real-time, effectively removing traditional logistics and technology barriers that have hindered retail growth in the region. Additionally, Max provides subscription services for electric and low-emission vehicles aimed at commercial drivers, promoting financial freedom and wealth creation through vehicle ownership. This technology-enabled platform ensures that independent drivers have access to safe, reliable, and sustainable mobility solutions.

iProcure

Venture Round in 2019
iProcure Ltd operates a supply chain platform focused on optimizing the agricultural input supply chain in rural Africa, particularly in Kenya. Founded in 2012 and based in Nairobi, the company provides a comprehensive solution that combines business intelligence, data-driven stock management, and an efficient procurement and distribution system. Its web and mobile technology enables agriculture retailers to manage ordering, inventory, and point-of-sale operations while analyzing client profiles and purchasing patterns. This platform enhances retailers' ability to predict demand and improve inventory management, ultimately streamlining distribution and enhancing customer service. Additionally, iProcure offers warehousing and storage facilities, ensuring that products reach the end consumer effectively.

Soko

Series A in 2019
SOKO is a manufacturing platform built using mobile technology to connect independent, distributed artisans to the global marketplace. Its technology suite and mobile app organize over 2300 independent, artisans throughout Kenya to manufacture their jewelry. It has created an efficient and demand-responsive virtual factory. Millenials and Gen Z consumers are constantly looking for brands that align with their values and are opting for brands that adopt sustained and measurable social impact. Its business model and BCorp certification validate and distinguish us from our competition. Its model also provides economic opportunity and financial inclusion for marginalized artisans who are now earning 4.8X more than an average Kenyan workshop. So, unlike centralized factory production, they are using technology to empower human capital, not displace it.

GreenPath Food

Venture Round in 2019
GreenPath supports and improves the production of food on Partner Farms, growing greater amounts of fruit and vegetables by using organic, bio-diverse, and environmentally sustainable farming practices. Increased fruit and vegetable yields lead to higher incomes, and incentivize farmers to move away from growing less nutritious crops that require increasingly expensive synthetic chemicals and pesticides, that leave harmful side effects on land and human health. With more nutritious foods on their farms, our farmers also eat more healthily at home.

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 supports and improves the production of food on Partner Farms, growing greater amounts of fruit and vegetables by using organic, bio-diverse, and environmentally sustainable farming practices. Increased fruit and vegetable yields lead to higher incomes, and incentivize farmers to move away from growing less nutritious crops that require increasingly expensive synthetic chemicals and pesticides, that leave harmful side effects on land and human health. With more nutritious foods on their farms, our farmers also eat more healthily at home.

SolarNow

Series B in 2017
SolarNow is a company that provides solar energy solutions and financing in East Africa, particularly through its operations in Uganda and Kenya. Founded in 2011 by Willem Nolens and headquartered in Nijmegen, the Netherlands, SolarNow focuses on delivering solar home systems, electrical appliances, and tailored power solutions for rural and urban households, small businesses, farmers, and institutions. The company aims to meet the growing demand for clean and affordable energy by offering high-quality, reliable solar products, along with flexible credit options that enable customers to access these essential services. Through its comprehensive approach, SolarNow addresses the energy needs of various sectors while promoting sustainable energy use in the region.

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 Ltd operates a supply chain platform focused on optimizing the agricultural input supply chain in rural Africa, particularly in Kenya. Founded in 2012 and based in Nairobi, the company provides a comprehensive solution that combines business intelligence, data-driven stock management, and an efficient procurement and distribution system. Its web and mobile technology enables agriculture retailers to manage ordering, inventory, and point-of-sale operations while analyzing client profiles and purchasing patterns. This platform enhances retailers' ability to predict demand and improve inventory management, ultimately streamlining distribution and enhancing customer service. Additionally, iProcure offers warehousing and storage facilities, ensuring that products reach the end consumer effectively.

PayGo Energy

Series A 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.

iProcure

Series A in 2017
iProcure Ltd operates a supply chain platform focused on optimizing the agricultural input supply chain in rural Africa, particularly in Kenya. Founded in 2012 and based in Nairobi, the company provides a comprehensive solution that combines business intelligence, data-driven stock management, and an efficient procurement and distribution system. Its web and mobile technology enables agriculture retailers to manage ordering, inventory, and point-of-sale operations while analyzing client profiles and purchasing patterns. This platform enhances retailers' ability to predict demand and improve inventory management, ultimately streamlining distribution and enhancing customer service. Additionally, iProcure offers warehousing and storage facilities, ensuring that products reach the end consumer effectively.

Poa Internet

Venture Round in 2017
Poa Internet Ltd. is a telecommunications company based in Nairobi, Kenya, founded in 2015. It specializes in providing low-cost internet services to individuals and small businesses in low-income neighborhoods, particularly in areas like Kibera and Kwangware. The company offers affordable and reliable internet access that is significantly cheaper than traditional network operators. Poa's services are delivered through a Wi-Fi network that covers entire neighborhoods, allowing users to connect with any Wi-Fi-enabled device at any time. Unique to Poa is its transparent pricing model, which includes data bundles without time limitations, as well as free content and online tools such as job boards and marketplaces. By focusing on underserved communities, Poa Internet aims to enhance access to education, trade, and social inclusion while ensuring improved quality of internet connections at accessible prices.

Lynk Jobs

Seed Round in 2017
Lynk solves the problems faced by informal workers and the households and businesses seeking their services. Lynk’s digital platform connects informal workers with customers who require services such as housekeeping, plumbing, electrical work and carpentry. Lynk’s systems enable the effective recruitment of workers, smart matching of the workers to jobs and a customer rating system that helps workers to build the skills profile.

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, Inc. is dedicated to enhancing sanitation infrastructure in the slums of Nairobi, Kenya. The company aims to provide accessible and hygienic sanitation facilities by establishing a network of low-cost sanitation centers that include toilets and hot showers. These centers are franchised to local entrepreneurs with support from microfinance institutions. Sanergy also implements a waste collection system, where human waste is safely removed and transported to a central processing facility. At this facility, the waste undergoes anaerobic digestion to produce biogas, which is converted into electricity for sale to the national grid, and organic fertilizers, which are marketed to commercial farms and smallholder farmers. By creating a sustainable sanitation cycle, Sanergy promotes the fundamental right to sanitation and improves living conditions for residents in urban areas lacking sewer infrastructure. The company was founded in 2010 and operates from Atlanta, Georgia.

Soko

Venture Round in 2016
SOKO is a manufacturing platform built using mobile technology to connect independent, distributed artisans to the global marketplace. Its technology suite and mobile app organize over 2300 independent, artisans throughout Kenya to manufacture their jewelry. It has created an efficient and demand-responsive virtual factory. Millenials and Gen Z consumers are constantly looking for brands that align with their values and are opting for brands that adopt sustained and measurable social impact. Its business model and BCorp certification validate and distinguish us from our competition. Its model also provides economic opportunity and financial inclusion for marginalized artisans who are now earning 4.8X more than an average Kenyan workshop. So, unlike centralized factory production, they are using technology to empower human capital, not displace it.

Poa Internet

Series A in 2016
Poa Internet Ltd. is a telecommunications company based in Nairobi, Kenya, founded in 2015. It specializes in providing low-cost internet services to individuals and small businesses in low-income neighborhoods, particularly in areas like Kibera and Kwangware. The company offers affordable and reliable internet access that is significantly cheaper than traditional network operators. Poa's services are delivered through a Wi-Fi network that covers entire neighborhoods, allowing users to connect with any Wi-Fi-enabled device at any time. Unique to Poa is its transparent pricing model, which includes data bundles without time limitations, as well as free content and online tools such as job boards and marketplaces. By focusing on underserved communities, Poa Internet aims to enhance access to education, trade, and social inclusion while ensuring improved quality of internet connections at accessible prices.

Penda Health

Venture Round in 2016
Penda Health is a leading blended healthcare provider dedicated to delivering high-quality, affordable medical care to middle- and low-income families in Kenya. Established with a mission to make healthcare accessible and effective, Penda operates a network of medical centers offering a range of services, from general consultations to specialized care, diagnostics, and pharmacy services. The company leverages cutting-edge technology, including AI-powered tools, to empower clinicians with real-time guidance for diagnosis and treatment, ensuring optimal patient outcomes. Penda Health is recognized for its innovative approaches to patient-centered care and its ability to scale operations efficiently while maintaining exceptional service standards. With a strong focus on operational excellence, community impact, and financial sustainability, Penda Health has served millions of patients, earning a reputation as one of Africa's most trusted healthcare brands.

Sanergy

Venture Round in 2016
Sanergy, Inc. is dedicated to enhancing sanitation infrastructure in the slums of Nairobi, Kenya. The company aims to provide accessible and hygienic sanitation facilities by establishing a network of low-cost sanitation centers that include toilets and hot showers. These centers are franchised to local entrepreneurs with support from microfinance institutions. Sanergy also implements a waste collection system, where human waste is safely removed and transported to a central processing facility. At this facility, the waste undergoes anaerobic digestion to produce biogas, which is converted into electricity for sale to the national grid, and organic fertilizers, which are marketed to commercial farms and smallholder farmers. By creating a sustainable sanitation cycle, Sanergy promotes the fundamental right to sanitation and improves living conditions for residents in urban areas lacking sewer infrastructure. The company was founded in 2010 and operates from Atlanta, Georgia.

M-Farm

Venture Round in 2015
M-Farm connects smallholder African farmers with urban and export markets via SMS and a web-enabled marketplace. M-Farm negotiates with buyers to create demand and assures quality through its network of agents. This motivates smallholder farmers to move beyond subsistence and into cash crops that can feed Africa and the world. Out of 5 million households in Kenya, 4 million are smallholder farmers, representing 24 million people. They lack access to market urban or export markets and thus either are exploited by middlemen or have little motivation to grow cash crops. Farm inputs that might increase crop yield are costly, as they live on less than $2 a day. M-Farm offers value to both suppliers and buyers. The farmers are motivated to grow crops for guaranteed buyers at favorable market prices. M-Farm Agents further elevate product quality and crop yields through training on good agricultural practices and discounts on inputs. Buyers access a new source of supply, primarily organic, to meet growing urban and international demand. They receive high quality produce, supply chain transparency, and pre-negotiated prices that cushion them from price fluctuations.

HiviSasa.com

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.

Soko

Seed Round in 2015
SOKO is a manufacturing platform built using mobile technology to connect independent, distributed artisans to the global marketplace. Its technology suite and mobile app organize over 2300 independent, artisans throughout Kenya to manufacture their jewelry. It has created an efficient and demand-responsive virtual factory. Millenials and Gen Z consumers are constantly looking for brands that align with their values and are opting for brands that adopt sustained and measurable social impact. Its business model and BCorp certification validate and distinguish us from our competition. Its model also provides economic opportunity and financial inclusion for marginalized artisans who are now earning 4.8X more than an average Kenyan workshop. So, unlike centralized factory production, they are using technology to empower human capital, not displace it.

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 is a company that provides solar energy solutions and financing in East Africa, particularly through its operations in Uganda and Kenya. Founded in 2011 by Willem Nolens and headquartered in Nijmegen, the Netherlands, SolarNow focuses on delivering solar home systems, electrical appliances, and tailored power solutions for rural and urban households, small businesses, farmers, and institutions. The company aims to meet the growing demand for clean and affordable energy by offering high-quality, reliable solar products, along with flexible credit options that enable customers to access these essential services. Through its comprehensive approach, SolarNow addresses the energy needs of various sectors while promoting sustainable energy use in the region.
Bridge International Academies is an operator of scholastic academy services used to provide education to underprivileged children. Its services provide lessons based on national curricula, develop in-depth teacher training and programs, and use cutting-edge wireless technology that enables underprivileged children to get the right education, free of cost, for a brighter future.

M-Farm

Seed Round in 2013
M-Farm connects smallholder African farmers with urban and export markets via SMS and a web-enabled marketplace. M-Farm negotiates with buyers to create demand and assures quality through its network of agents. This motivates smallholder farmers to move beyond subsistence and into cash crops that can feed Africa and the world. Out of 5 million households in Kenya, 4 million are smallholder farmers, representing 24 million people. They lack access to market urban or export markets and thus either are exploited by middlemen or have little motivation to grow cash crops. Farm inputs that might increase crop yield are costly, as they live on less than $2 a day. M-Farm offers value to both suppliers and buyers. The farmers are motivated to grow crops for guaranteed buyers at favorable market prices. M-Farm Agents further elevate product quality and crop yields through training on good agricultural practices and discounts on inputs. Buyers access a new source of supply, primarily organic, to meet growing urban and international demand. They receive high quality produce, supply chain transparency, and pre-negotiated prices that cushion them from price fluctuations.
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