A Constance Ventures (CV), a subsidiary of the Constance Group, created a $100 million venture capital fund to invest in the economic growth of startups linked to the health and education sectors.
The fund's original investment startups will be in Nigeria and Ghana, and the fund plans to also embrace innovative business models across West Africa.
This CV decision comes due to recent advances in digital technologies on the African continent, which provide a series of opportunities to drive and scale solutions to various difficulties faced by millions of Africans, including the coalescence of segmented value chains, the formalization of segments- key to the continent's economy and providing much-needed access to capital for consumers and businesses alike.
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Constant Ventures also has a totally unique structure, which allows it to invest in innovative and talented startups across West Africa, and through its networking network, which also acts as a catalyst for bringing ideas together, young entrepreneurs have been able to build quickly. winning startups.
It should also be noted that CV also launches this fund as a result of its track record in angel investments and in the promotion of technology companies, where it has currently invested around 3,2 million dollars in 9 Nigerian startups, which resulted in a return of 5,6 .15x on investment and expected to rise to XNUMXx after the next fundraising round.
"We are delighted to present this fund“, said Ike Echeruo, President of the Constant Group and co-founder and founding partner of Constant Ventures.
The last ten years have been very beneficial for West African startups, which, as a result of extensive research and diligence in what the continent really needs, various innovative projects have been able to respond to the real social needs of the societies in which they are.
"Technology will always be the answer to many of the problems that millions of individuals in Africa are dealing with today, so and for many analysts, with the recent developments in information technologies, we are on the verge of a paradigm shift, giving an opportunity single investment in life. We are now designing a fund to invest in companies that will improve the lives of millions of people and generate huge returns for investors, streamlined and optimized for Africa“, concluded Echeruo.
