08:12AM, Wednesday 28th February 2024

Constant Ventures is raising $100 million VC fund to invest in West Africa

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Constant Ventures, a subsidiary of the Constant Group, is raising a $100 million venture capital fund to invest in a variety of West African technology startups.

The Constant Group was established in 2006 and now consists of two divisions, Constant Capital and Constant Ventures, with a total of 40 professionals.

Constant Ventures was founded to invest in a portfolio of tech-enabled companies in the fintech, healthcare, and logistics sectors. It has invested approximately US$3.2 million in nine companies to date and anticipates a 15x return after the next funding round.

Its most recent fund will concentrate on financial inclusion, education, and healthcare. Investee companies will initially be located in Nigeria and Ghana, with the fund aiming to expand into the rest of West Africa.

The Constant Ventures fund allows for direct investment in talented entrepreneurs and compelling startups across West Africa, as well as through its proprietary venture studio, which acts as a catalyst for bringing together best-in-class entrepreneurs, ideas, and capital to rapidly build winning startups.

“We are very excited to be announcing this fund today. It has been a decade in the making, the result of deep-dive research and due diligence in anticipation of this moment when we knew that advances in information technology would enable startups across West Africa to  commercially address real societal needs,” said Ike Echeruo, chairman of the Constant Group and co-founder and managing partner of Constant  Ventures.

“Technology was always going to provide the answer to so many of the critical issues faced  by millions of people across Africa today. We are now on the cusp of a paradigm shift with recent advances across information technology presenting a unique investment window. We  have looked at what has worked in other geographies. Now, refined and optimised for Africa, we have modelled a fund to invest in businesses that will both improve the lives of millions of  people and deliver outstanding returns for investors.”

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