British International Investment

Ventures Platform Fund IV

AfricaEgyptNigeriaSenegalUgandaAfricaWest AfricaCommunications & IT servicesConsumer - HealthConsumer - other servicesFinancial servicesFood & AgricultureGeneralistInfrastructureManufacturing

This is a seed-stage venture fund, investing in tech-enabled businesses, predominantly in Nigeria. Its objective is to solve structural challenges in African markets in sectors such as fintech, healthtech, edtech and agtech.

Our investment

Description of the investment.

This investment is part of our strategy to (i) support the local entrepreneurial ecosystem in our markets in order to build new businesses which create jobs, and; (ii) provide us access to early-stage companies that have the potential to create transformational impact at scale.

Ventures Platform Fund IV will invest in technology and tech-enabled companies focused on non-consumption business models including in fintech, edtech, healthtech and agtech. These businesses have a high potential for scale leading to increased job opportunities and access to key goods and services.

Impact information

Applies to investments made from 2019 onwards. The tabs in this section define what we expect to achieve through the investment, assessing the potential impact of the investment against six dimensions of impact. You can find more details on our methodology of assessing impact here.

What?

Impact
  • Support economic growth and economic opportunities through direct and indirect job creation, market access and technological upgrades (SDG 8.3, 8.5).
  • Enhance quality of life from increased access to financial services, healthcare and education (SDG 8.10, 3, 4).

How?

Primary Secondary
  • Catalysing markets: our investment will support the ecosystem for early stage venture capital in Africa towards attracting a larger supply of capital to this segment, as a way of unlocking economic growth.
  • Direct: Providing pre-seed and seed capital to approximately 45 early stage companies, enabling their growth and generating direct employment
  • Direct: Through investments in fintech, edtech, healthtech and agtech.

Who?

Stakeholder Geography Characteristics
Employees and small-scale entrepreneurs

Nigeria

Micro, small and medium enterprise owners such as restaurants, pharmacies, self-employed agents.

Suppliers and consumers

Pan-Africa

Business with mass marketing offerings that are likely to disproportionately benefit lower and middle income consumers.

How much?

Scale Depth/Duration
  • Direct: The first 11 investments of Fund IV currently support approximately 200 direct jobs and provide services to over 27,000 businesses and consumers. Potential for large scale direct impact (i.e. thousands of jobs supported) if the ‘winners’ scale, e.g. previous investments Piggyvest offers saving solutions to 3.7 million people, and MarketForce provides digital payment solutions to 150,000 businesses.
  • Catalysing markets: The potential scale, if this fund is replicated locally and results in increased access to capital for early-stage businesses in Nigeria and other African markets, could reach millions of employees and consumers.
  • Direct: Variable dependent on stakeholder characteristics.
  • Catalysing markets: Long-term impact is expected (over 10 year horizon) if the platform is commercially successful and potentially replicated.

Contribution/additionality

Contribution/additionality
  • Financial additionality: Our commitment will enable the fund reach its target fund size.
  • Value additionality: Our support will help enhance impact in the fund s investment strategy

Risk

Execution Risk
  • Relates to the fund manager’s ability to build a portfolio of investees with high growth potential and deliver strong returns, as well as to mitigate other associated early-stage venture capital risks affecting impact. This risk is aligned with commercial risks and mitigated by backing a quality team.
Alignment Risk
  • Risk that capital is allocated to businesses least aligned to our impact priorities. To date, all investments are aligned to our productive and inclusion objectives.
Unexpected Impact Risk
  • Risk that fintech businesses do not align with customer protection principles and cause unintended impact for customers who are accessing financing for the first time. This is mitigated through: (a) our legal documentation to ensure adequate customer protections are in place for fintech businesses; (2) the fund manager's extensive experience in fintech; and (3) the fund's mission-driven strategy.

Impact score

Impact score (at point of investment)

The Impact Score is a tool to help us manage our performance against our strategic impact objectives. It is designed to incentivise investments that support our productive, sustainable, and inclusive objectives. You can find out more here.

The Impact Score is published for investments made from 2022 onwards. The Impact Scores are calculated at the point of investment. We publish the Impact Scores of new investments annually, once the information has been externally assured by an independent third party.

8

Environmental and social information

  • 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.

  • 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 agreed on an ESAP focused on strengthening the integration of environmental and social risk management across the investment cycle.

Environmental and social risk

Low

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]

  • Key facts

    Last updated

    When the last quarterly update of the website database occurred.

    :
    June 2024
    Project number

    An identifier number shared by investments in the same project.

    :
    D5127
    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, 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.

    :
    Communications & IT services, Consumer - Health, Consumer - other services, Financial services, Food & Agriculture, Generalist, Infrastructure, Manufacturing

    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.

    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.

    Investment type :
    Fund
    Start date :
    July 2022
    Amount :
    $5m
    Currency of investment :
    USD
    Fund Manager:
    Venture Platform
    Domicile

    The company or investment fund’s place of incorporation.

    :
    Guernsey

Investments made by this fund into companies:

For further information about these companies, visit https://www.venturesplatform.com/

Investment name Country Region Sector Start date Status
500 Chow Nigeria West Africa Food & Agriculture September 2022 Active
Bloc Africa Africa Communications & IT services January 2022 Active
Catlog Africa Africa Communications & IT services February 2022 Active
Chargel Inc Senegal West Africa Manufacturing June 2022 Active
Credable Group Africa Africa Financial services September 2022 Active
Fez Delivery Co. Nigeria West Africa Consumer - other services March 2023 Active
Fluna Africa Africa Financial services February 2022 Active
Invictus Tech Inc Africa Africa Consumer - other services September 2023 Active
Jinni Pte Ltd Egypt North Africa Manufacturing September 2023 Active
Juice Technology Systems Limited Company Nigeria West Africa Financial services March 2023 Active
Loomo Finance Africa Africa Financial services May 2022 Active
Maad Africa Inc. Senegal West Africa Consumer - other services October 2023 Active
MDaas Global Corp Nigeria West Africa Communications & IT services September 2022 Active
Mecho Autotech Nigeria West Africa Manufacturing June 2023 Active
Moni Africa Africa Financial services January 2022 Active
MyCoverGenius Limited (Nigeria) Nigeria West Africa Financial services September 2022 Active
Notto Inc. Africa Africa Financial services May 2022 Active
Omnibiz (Mplify) Africa Africa Financial services March 2022 Active
Plumter Africa Africa Financial services January 2022 Active
PressOne (Deistech Solutions Limited) Nigeria West Africa Communications & IT services February 2022 Active
Raenest Inc. Africa Africa Generalist May 2022 Active
Remedial Health Africa Africa Consumer - Health March 2022 Active
SendMe Africa Africa Food & Agriculture March 2022 Active
Shekel Mobility (Shekel Corporation) Nigeria West Africa Communications & IT services February 2022 Active
Steward Global Technologies Inc. Uganda East Africa Communications & IT services September 2022 Exited
SunFi Nigeria West Africa Infrastructure December 2022 Active
Talstack Inc Africa Africa Generalist March 2023 Active
Termii Inc Nigeria West Africa Communications & IT services June 2023 Active
TopUp Mama (Small360, Inc) Africa Africa Consumer - other services February 2022 Active
Traction App Africa Africa Communications & IT services January 2022 Active
Union54 Africa Africa Communications & IT services January 2022 Active
Vendy Inc. Africa Africa Financial services January 2022 Active

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