Novastar Ventures

About Novastar Ventures

Novastar Ventures is an Africa-focused venture capital firm founded in 2014 by Andrew Carruthers and Steve Beck. The firm has its registered office in London, United Kingdom, with investment offices in Nairobi and Lagos, and is structured as a UK-domiciled venture capital fund manager. Novastar has raised three fund vehicles: the Novastar Ventures East Africa Fund, the Novastar Ventures Africa Fund II, and the Novastar Ventures Africa People and Planet Fund III, which reached a final close at USD 147 million in 2026. Total assets under management are reported at roughly USD 200 to 260 million; as of December 2024, with Fund III not yet at final close, assets sat closer to the USD 200 million level.

Investment thesis

Novastar Ventures pursues an early-stage and growth venture capital strategy backing entrepreneurs solving people-and-planet challenges across Africa. Sector focus spans financial inclusion and fintech, mobility, food and agriculture, education, healthcare, energy access and essential consumer services. Geography centres on East Africa and Anglophone West Africa, particularly Kenya, Nigeria and neighbouring markets. The firm writes early-stage venture tickets and the limited partner base is heavily development-finance-led, including European development finance institutions and impact investors alongside foundations. The value-creation lever is hands-on company-building support delivered from on-the-ground African offices, with an explicit impact mandate.

Recent activity

Novastar Ventures deploys across electric mobility, food delivery and logistics, off-grid energy and agritech ventures in African markets. Notable portfolio realisations span education, fintech and clean-energy distribution, including companies that have scaled significantly under the firm's backing. The platform continues to deploy early-stage and growth venture capital across financial inclusion, mobility, food and agriculture, healthcare and energy access in East and West Africa, anchored by its People and Planet Fund III. Detailed buyer names and multiple data available on Pro at €49/month.