The U.S International Development Finance Corporation (DFC) has made equity investment to the tune of $25 million in a new fund by Pan-African venture capital firm Novastar Ventures, to back founders building agriculture and climate solutions.
The DFC revealed details of the transaction, and Novastar’s new investment vehicle, the Africa People + Planet Fund, during its latest update detailing the transactions it had approved over the last few months.
TechCrunch could not establish the details of other limited partners that made commitments, however, sources familiar with the fund said that the Nairobi and Lagos-based VC firm targets to raise more than $200 million, making it one of the largest funds in the region.
The Africa People + Planet Fund is Novastar’s third pool after the $108 million Africa Fund II, which saw it widen its geographical reach to include West Africa. The East Africa Fund — an $80 million fund with a $12.5 million co-investment facility — was…
