JICA and Novastar Ventures Partner to Promote Entrepreneurship and Sustainable Development in Africa

The Japan International Cooperation Agency (JICA) and Novastar Ventures Limited have signed a subscription agreement to co-invest in the Africa People and Planet Start-up Investing Project, aiming to empower individuals through economic and social inclusion, promote sustainable and climate-positive economic activities, and contribute to economic development and addressing social challenges in Africa. The project will finance startups engaged in impactful businesses via investing in Novastar Ventures, a leader of the venture capital market and startup ecosystem in Africa. The partnership seeks to address various Sustainable Development Goals (SDGs), including gender equality, decent work and economic growth, industry and innovation, reduced inequalities, climate action, and partnerships for the goals.

Key Takeaways:

• The partnership between JICA and Novastar Ventures aims to empower individuals through economic and social inclusion and promote sustainable and climate-positive economic activities in Africa.
• The project will invest in African startups via Novastar Ventures, with a focus on impactful businesses.
• The partnership will contribute to addressing various SDGs, including:

+ Goal 5 (Gender equality)

+ Goal 8 (Decent work and economic growth)

+ Goal 9 (Industry, innovation and infrastructure)

+ Goal 10 (Reduced inequalities)

+ Goal 13 (Climate action)

+ Goal 17 (Partnerships for the goals)

• The project has a committed amount of 10 million USD and will target Africa as the primary region for investment.
• The partnership involves co-investment with British International Investment (BII) and other development finance institutions, as well as financial and strategic investors from the private sector, including Japanese corporates.
• Novastar Ventures is a leading venture capital fund manager in Africa, with experience in investing in African startups and promoting entrepreneurship in the region.

Statistics:

• Committed Amount: $10 million
• Project Title: Africa People and Planet Start-up Investing Project
• Target Region: Africa
• Project Component: Proceeds will be used as capital to invest in African startups by Novastar Ventures III
• SDG Contributions:

+ Goal 5 (Gender equality): Empowering individuals through economic and social inclusion

+ Goal 8 (Decent work and economic growth): Promoting sustainable and climate-positive economic activities

+ Goal 9 (Industry, innovation and infrastructure): Contributing to economic development and innovation in Africa

+ Goal 10 (Reduced inequalities): Addressing social challenges in Africa through investment in impactful businesses

+ Goal 13 (Climate action): Promoting climate-positive economic activities in Africa

+ Goal 17 (Partnerships for the goals): Collaboration between JICA, Novastar Ventures, and other development finance institutions and investors

Sources:

• Japan International Cooperation Agency
• Novastar Ventures Limited
• British International Investment (BII)
• Contify.com (Copyright 2017)