This investment was made when British International Investment was named CDC Group.
Our investment
Description of the investment.
Description of the investment.
In 2018, BII (then CDC) made a $15 million commitment to the first close of Novastar Ventures Africa Fund II.
Expected impact
Expected impact of investments made between 2012 and 2018. From 2019 onwards, we have published a fuller set of impact information, assessing each investment against six dimensions of impact.
Expected impact of investments made between 2012 and 2018. From 2019 onwards, we have published a fuller set of impact information, assessing each investment against six dimensions of impact.
Novastar will catalyse growth in businesses that provide basic goods and services at scale and economic opportunities for low income, mass markets. If successful, the fund can help prove the venture impact investing model in Africa which remains nascent.
Fund II is the natural evolution of Fund I and is critical to proving the VC model to develop innovative business models to positively impact underserved mass markets and low-income populations.
The fund’s investments include companies such as MoniePoint, a financial inclusion digital platform that has generated large scale benefits for MSMEs in Nigeria.
It has also invested in BasiGo, an e-mobility company looking to revolutionize and decarbonize the public transport sector in Kenya and Rwanda.
Environmental and social information
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Environmental and social summary
A high-level description of the environmental and social aspects of the investment. This may include a summary of key environmental and social risks identified during environmental and social due diligence (ESDD); key elements of an environmental and social action plan (ESAP); or ways in which we plan to support the investee improve environmental and social standards, such as through their environmental and social management system (ESMS); as well as any other priority areas agreed with the investee.
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Environmental and social risk
A risk category rating, which indicates the level of environmental and social risk associated with an investment. For an explanation of the categorisations used, see here. We consistently provide an environmental and social risk category for all investments screened from 2023 onwards.
Environmental and social summary
We are working closely with the fund manager to improve its existing Environmental and Social Management System, including delivering an action plan.
Reporting and Complaints Mechanism
The Reporting and Complaints Mechanism allows anyone outside BII to report alleged breaches of the business integrity or environmental and social provisions of BII’s Policy on Responsible Investing. This includes breaches made by BII, a BII investee, or a portfolio company of a fund in which BII has invested. The Reporting and Complaints Mechanism Rules are available here. Reports and complaints can be submitted by email to [email protected] or by mail. See more details on our Reporting and Complaints Mechanism here.
For any other general enquiries contact us at [email protected]
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Key facts
- Last updated
:
When the last quarterly update of the website database occurred.
- June 2026
- Project number
:
An identifier number shared by investments in the same project.
- D3271
- Status
:
The current status of the investment (green flag for active and red flag for exited).
- Active
- Region
:
The geographical region where the country is located. We currently invest in Africa, South Asia, South East Asia and the Caribbean. In 2023, BII’s investment mandate was extended allowing it to invest in regional funds linked to Ukraine, with the majority of activity expected to begin post-war. Investments outside these regions were made prior to 2012 under previous investment mandates.
- Africa
- Country
:
The countries where the investment delivers impact. Where impact is delivered in multiple countries, this is indicated.
- East Africa, Ghana, Kenya, Nigeria, West Africa
- Sector
:
We prioritise those sectors that facilitate development and need our capital the most. Our priority sectors contribute towards many of the Sustainable Development Goals. They range from investing in the power infrastructure that will provide people with better access to electricity, to investing in financial institutions that direct capital to the individuals and businesses that need it the most.
- Business and consumer services, Financial services, Food and agriculture, Health, Infrastructure, Manufacturing, Technology and telecoms
- Investment policy :
- Catalyst
- Investment type :
- Fund
- Start date :
- October 2018
- Amount :
- $15m
- Currency of investment :
- USD
- Fund manager:
- Novastar Ventures Limited
- Domicile
:
The company or investment fund’s place of incorporation.
- Mauritius
We provide capital in the following ways: directly – through direct equity, direct debt, guarantees and other non-intermediated financial instruments; and indirectly – principally through investment funds.
Type of investment portfolio that each investment is made under. Since 2014, we have run two investment portfolios: Catalyst and Growth. In addition, our Kinetic Portfolio enables us to manage concessional investment strategies.
For direct investments and fund investments, this is the date BII committed capital to the investments. This is typically the date on which legal agreements are signed by all parties.
For the portfolio companies of our fund investments, this is the date (either the month or the quarter) on which the fund committed capital to the portfolio company.
For direct equity investments, this is the date at which British International Investment exited the investment.
For debt investments, this is the date at which the final debt repayment was made.
For funds, this is the date at which the fund was terminated.
For underlying fund investments, this is the date at which the fund manager exited the investment.
The total amount committed, per financial instrument, per investment, on the date BII becomes subject to a binding legal obligation to provide funding or assume a contingent liability. This information is provided in US dollars.
For direct investments, this is the amount that BII has committed to the business or project. For fund investments, this is the amount BII has committed to the fund.
The currency in which the investment was made.
- Last updated
Investments made by this fund into companies:
For further information about these companies, visit https://www.novastarventures.com/
| Investment name | Country | Region | Sector | Fossil Fuel or Renewable Exposure | Start date | Status |
|---|---|---|---|---|---|---|
| BasiGo Limited | Kenya | East Africa | Infrastructure | February 2022 | Active | |
| Elephant Healthcare Limited | Kenya | East Africa | Health | January 2021 | Active | |
| Fortem Holdings Limited | Kenya | East Africa | Business and consumer services | December 2021 | Active | |
| Ignitia AB | West Africa | Africa | Technology and telecoms | April 2021 | Active | |
| KOKO Networks Limited | Kenya | East Africa | Food and agriculture | October 2023 | Active | |
| Metro Africa Xpress (MAX.NG) | Nigeria | West Africa | Business and consumer services | June 2019 | Active | |
| Moniepoint Inc. | Nigeria | West Africa | Financial services | March 2021 | Active | |
| mPharma Data Inc | Ghana, Kenya, Nigeria | East Africa, West Africa | Health | May 2019 | Active | |
| Poa International Ltd | Kenya | East Africa | Technology and telecoms | December 2021 | Active | |
| Sure Chill | Kenya | East Africa | Manufacturing | May 2019 | Active | |
| TradeDepot Inc | Nigeria | West Africa | Business and consumer services | October 2021 | Active | |
| Turaco Inc. | East Africa | Africa | Financial services | November 2020 | Active |
