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Venture Capital
novastarventures.com

Investments

30

Funds

4

About Novastar Ventures

Novastar backs early-stage businesses led by entrepreneurs with the capability and ambition to transform markets at the base of the pyramid (BoP). These enterprises address proven demand for basic goods and services with innovative business models that widen access, improve quality, and lower costs for the mass market. It was founded in 2013 and is based in London, U.K.

Headquarters Location

76 Hillbury Road

London, England, SW17 8JT,

United Kingdom

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CB Insights Intelligence Analysts have mentioned Novastar Ventures in 1 CB Insights research brief, most recently on Oct 13, 2021.

Latest Novastar Ventures News

Nigeria’s Fintech Startup TeamApt Rebrands to  Moniepoint  to expand its suite of products

Jan 15, 2023

The Moniepoint brand an established and trusted name  in Nigeria   will allow the company to capitalise on an  identity that  customers already know and trust. Tosin Eniolorunda , CEO and Co-Founder of TeamApt, disclosed that while it initially set out to build solutions for banks in the country, Moniepoint has increasingly become TeamApt’s core focus prompting this rebrand. “When we started in 2015, we were primarily providing back office payment infrastructure for banks and needed an apt team, hence the name TeamApt. Since then, we have evolved significantly, and our flagship business banking solution, Moniepoint, has become our core focus and where we see the future. Now, as we head into the next step in our journey, we’ve changed our name to reflect the company’s commitment to enabling a world where any business has access to the digital tools and capital needed to grow.” With the rebrand,the  company seeks to expand its suite of products to to include banking, credit, payment, and business management tools  as well as geographical expansion. The company  is backed by global institutional investors, including QED Investors, Novastar, Lightrock, BII, FMO, Global Ventures, Endeavour Catalyst, and New Voices Fund. The company became QED Investors’ first investment into Africa in July 2022.Since  launch ,Moniepoint has been growing exponentially as a digital banking solution for small and medium businesses Last year, the startup made several milestones including raising  a  $50 million funding from QED Investors, Novastar Ventures, Lightrock, and BII. The company is now seeking to raise Series C round  in 2023.The startup  also launched a credit offering which has already disbursed over $1.4 billion in working capital loans. Currently,TeamApt processes the majority of the POS transactions in Nigeria with an annualized Total Payments Volume (TPV) of more than $170 billion and a customer base of over 600,000 businesses which enabled it to more than double its annual revenues in 2022. The ubiquity of this product saw it win the National Inclusive Payment Initiative Award by the Central Bank of Nigeria. Brian Waswani Odhiambo, Partner of Novastar Ventures said: “Moniepoint is uniquely positioned to accelerate the digitization of banking for underserved businesses. Its leadership team has deep sector knowledge and an enviable track record in the financial services space, which is evident from Moniepoint’s ongoing success. Since partnering, Moniepoint has already displayed amazing growth and we’re excited to see the evolution of the business, as it sets out to deliver best-in-class banking and business solutions.” Ravi Sharma, Partner at Lightrock, commented: “We are very pleased with TeamApt’s move to Moniepoint. Recognized by millions, this brand reflects the company’s focus on innovation and customer-centricity, while also positioning the business for continued growth in Nigeria and across Africa. We look forward to working with Tosin and the talented Moniepoint team as they go from strength to strength.” You Might Be Interested In

Novastar Ventures Investments

30 Investments

Novastar Ventures has made 30 investments. Their latest investment was in BasiGo as part of their Seed VC - IV on November 11, 2022.

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Novastar Ventures Investments Activity

investments chart

Date

Round

Company

Amount

New?

Co-Investors

Sources

11/16/2022

Seed VC - IV

BasiGo

$6.6M

No

15

10/13/2022

Series B

Moko

$3.5M

No

6

9/1/2022

Series A

Turaco

$10M

No

15

8/18/2022

Series B

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$99M

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10

8/10/2022

Series B - II

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$99M

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10

Date

11/16/2022

10/13/2022

9/1/2022

8/18/2022

8/10/2022

Round

Seed VC - IV

Series B

Series A

Series B

Series B - II

Company

BasiGo

Moko

Turaco

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Amount

$6.6M

$3.5M

$10M

$99M

$99M

New?

No

No

No

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Co-Investors

Sources

15

6

15

10

10

Novastar Ventures Fund History

4 Fund Histories

Novastar Ventures has 4 funds, including Novastar Ventures Africa Fund II.

Closing Date

Fund

Fund Type

Status

Amount

Sources

5/12/2020

Novastar Ventures Africa Fund II

Multi-Stage Venture Capital

Open

$108M

4

9/30/2015

Novastar Ventures East Africa Fund

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$99M

10

9/30/2015

Novastar Ventures Fund I Co-Investment

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$99M

10

Impact Investment Fund

$99M

10

Closing Date

5/12/2020

9/30/2015

9/30/2015

Fund

Novastar Ventures Africa Fund II

Novastar Ventures East Africa Fund

Novastar Ventures Fund I Co-Investment

Impact Investment Fund

Fund Type

Multi-Stage Venture Capital

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Status

Open

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Amount

$108M

$99M

$99M

$99M

Sources

4

10

10

10

Novastar Ventures Team

2 Team Members

Novastar Ventures has 2 team members, including current Founder, Managing Partner, Steve Beck.

Name

Work History

Title

Status

Steve Beck

ENGIE Solutions, and Monitor Group

Founder, Managing Partner

Current

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Name

Steve Beck

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Work History

ENGIE Solutions, and Monitor Group

Title

Founder, Managing Partner

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Status

Current

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