Novastar Ventures

Novastar Ventures is a venture capital firm dedicated to fueling an entrepreneurial revolution across Africa, partnering with bold entrepreneurs who are transforming markets and sectors for the benefit of people and the planet. The firm focuses on businesses that address the basic needs of everyday consumers, particularly low-income populations, by providing innovative solutions that widen access, improve quality, and lower costs for essential goods and services. Their investment philosophy emphasizes creating lasting value for the many, not just the few, by backing companies with strong commercial viability that inherently generate large-scale social and environmental impact.

Founded in 2014 by Steve Beck and Andrew Carruthers, Novastar Ventures emerged from a vision to apply venture capital investment techniques to stimulate transformation on the African continent. The firm launched its first fund in 2014, aiming to support early- and growth-stage businesses. Novastar Ventures operates with a close-knit team and advisors based in key entrepreneurial hubs: Nairobi, London, and Lagos, leveraging local insights and networks to identify and nurture promising ventures.

Novastar Ventures has built a diverse portfolio of companies across various sectors in Africa. Notable investments include BasiGo (electric buses), Breadfast (household goods delivery), Elephant (digitizing healthcare), GreenPath (regenerative agriculture), Ignitia (tropical weather forecasting), iProcure (optimizing rural supply chains), KOKO Networks (technology for life in fast-growing cities), Komaza (African forestry), MAX (formalizing transport), MoKo (home goods), Moniepoint (financial services for businesses), mPharma (pharmaceutical access), NewGlobe (education transformation), poa! internet (internet service provider), Sistema.bio (modular biodigester systems), TradeDepot (B2B commerce), and Turaco (micro-insurtech). These investments reflect the firm's commitment to supporting businesses that offer scalable solutions to critical challenges faced by African communities.

The team at Novastar Ventures brings a wealth of experience in investment, entrepreneurship, and social impact. Co-founder Andrew Carruthers has a long history of investing in startups globally, with a specific focus on Africa since 2009. Partners like Brian Waswani Odhiambo have entrepreneurial backgrounds across West, Southern, and East Africa, including co-founding businesses and leading operations for e-commerce platforms. Investment Directors and Analysts, such as Abel Boreto, Dominic Michel, Dayo Oduleye, and Dieko Ojo, contribute expertise in areas like agritech, energy access, corporate finance, and market expansion, ensuring a comprehensive approach to supporting portfolio companies and measuring their social and environmental value.