Sumitomo Mitsui Banking Corporation (SMBC) has entered into an investment agreement with Novastar Ventures Africa People and Planet Fund III, L.P., managed by Novastar Ventures Ltd., one of Africa’s first and largest venture capital firms.
Africa’s population is projected to make up 25% of the global population by 2050, driving demand for social infrastructure in food, logistics, finance, and green technologies. Startups are playing a critical role by building solutions in fintech, mobility, and sustainability, shaping Africa’s future economic and social landscape.
With over $200 million AUM, Novastar Ventures has been investing in African startups since 2014, backing entrepreneurs who provide essential services while tackling environmental and social challenges such as carbon reduction, soil health, and biodiversity.
SMBC’s investment comes through its Social Value Creation Investment Fund, aligning with its Mid-Term Management Plan to “create social value.” By supporting Novastar Ventures, SMBC aims to back Africa’s next wave of innovators, foster inclusive growth, and contribute to solving pressing global challenges.
