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Novastar Ventures has reached the final close of its third fund, raising US$147 million to invest in climate-focused and impact-driven startups across Africa.
The fund, known as the Africa People and Planet Fund III, will back businesses working in sectors tied to resilience, sustainability and low-carbon growth, reports Tech in Africa.
The fund attracted support from a mix of returning and new investors, including major Japanese institutions such as SBI Holdings, Sumitomo Mitsui Banking Corporation, Mitsubishi Corporation, Mitsui O.S.K. Lines and JICA.
Other backers include British International Investment, Norfund, Swedfund and Proparco, reflecting continued institutional interest in African venture opportunities.
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Novastar said the new fund would broaden both its geographic reach and sector focus across the continent.
It had already invested in startups including Breadfast, Sistema.bio, Chowdeck and MoPhones, spanning industries such as food systems, clean energy, mobility and logistics.
The firm said the strategy builds on more than a decade of investing in businesses that aim to deliver both financial returns and measurable social and environmental impact.
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