On March 15, the Japan International Cooperation Agency (JICA) signed an investment agreement with Verod-Kepple Africa Ventures Investment Partnership (VKAV Fund), which is managed by Verod-Kepple Africa Partners (VKAP) JICA’s investment will be JICA’s investment will be used to fund startup companies that use innovation to solve social issues in Africa, such as financial inclusion, healthcare, and climate change.
Africa’s population is expected to reach approximately 2.4 billion by 2050. However, many countries are highly dependent on primary commodities such as oil, minerals, and agriculture, and their low value-added industrial structure is a challenge. The African Union has identified the transformation of industrial structure as a key issue for achieving sustainable economic growth in Africa in its “Agenda 2063. The Tunis Declaration, the outcome document of TICAD 8, also calls for the realization of structural transformation for sustainable economic growth and development through startup-centered social solutions-oriented businesses. In fact, more and more startup companies with innovative digital technologies and business models are providing high value-added services and contributing to solving social issues in Africa.
VKAP is a joint venture between Kepple Africa Ventures (KAV), a Japanese venture capital firm, and Verod Holdings (Verod), an Africa-focused private equity fund. KAV has been investing in early-stage companies throughout Africa. The VKAV fund partners are Ory Okolloh, Satoshi Shinada, and Ryosuke Yamawaki, who have deep knowledge of both the Japanese and African markets, as well as the value and social impact that management support can create. The VKAV Fund aims to contribute to Africa’s sustainable economic growth by making maximum use of the know-how accumulated by the two companies and investing in startups, mainly early-stage companies that are working to solve local social issues across Africa. This project aims to contribute to sustainable economic growth in Africa. This project will support startup companies that contribute to solving social issues in Africa through investments in venture capital funds, thereby contributing to SDG Goal 8 (both job satisfaction and economic growth), Goal 9 (create a foundation for industrial and technological innovation), and Goal 17 (achieve the goals through partnerships). Goal 17 (Achieve the goals through partnerships).
JICA has been supporting seed stage startups in Africa through Project NINJA (Next Innovation with Japan) and Home Grown Solutions (HGS) by the African Union Development Agency. In addition, this project will enable us to broaden the scope of our support to include financial assistance for early-stage companies. JICA will continue to support startup companies and funds that are working to solve social issues in developing countries, including those in Africa.
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