Introduction to our VC's from the Microsoft and Nvidia Africa GenAI Acceleration Programme
Typical criteria for deals:
· African seed-stage and pre-Series A B2B and B2B2C tech start-ups that are post-MVP, with annual turnover typically between $100k and $1m, growing at 10%+ monthly. Exceptions may be made for startups with transformational tech/IP that are pre-revenue or don’t have revenues that meet the criteria above..
· Highly scalable tech-based solutions that have a clear, addressable market in Africa first, and eventually globally.
· Sustainable business models with high-growth potential and multiple revenue streams.
· Proven early successes demonstrated by a combination of one or more of the below:
o Successful graduation from world–class accelerators and incubators like Startupbootcamp, Y-Combinator, Techstars, 500 Startups, MEST, Google LaunchPad, Founders Factory, Seedcamp, Village Capital, etc.
o First signed PoCs, pilots or recurring revenues from large corporate clients, especially in the banking, insurance, retail, media and telco industries.
o Early-stage direct pipeline referrals from top Africa-focused VC funds that typically invest only at the Series A & B stage.
· Dedicated and professional management teams (we prefer ventures with more than one founder) with the right values aligned with the objectives of our Fund.
· Incorporated in an investor-friendly jurisdiction like the US, UK, and Singapore while maintaining 100% ownership of African subsidiaries.
· Ready for a $3-5M+ Series A within 12-24 months.
Our check size ranges from $200k to $500k depending on the stage of the business. Our typical ‘entry’ valuation ranges from 5x to 10x Net ARR. ARR is usually calculated as either 12x last month’s Net Revenue or 4x the last 3 months’ Net Revenue.
We are a sector- and market-agnostic pan-African investor, backing companies from pre-Seed to Series B. While we invest across all these stages, our core focus is at the Seed and Series A levels, where we typically lead rounds. As lead investors, we take a conviction-led approach, which means we invest the time to deeply understand the opportunity before committing. Our conviction-building process varies depending on the stage, team, and sector, but is always rooted in first principles.
We ask fundamental questions such as:
(1) how large is the addressable market,
(2) what is your defensible advantage – whether cost or value-based, and
(3) how do you plan to scale that advantage into meaningful value creation.
From Visionaries to Legends
We invest early and boldly-primarily at the pre-Seed and Seed stages—with a strong preference for valuation caps below $10M. While this is our typical sweet spot, every opportunity is assessed on a case-by-case basis.
As one of the most active venture capital firms globally, we’re on a mission to back exceptional founders building the future.
Our Edge
Shorter Sales Cycles
We open direct access to decision-makers. By removing internal red tape and guesswork, startups dramatically reduce customer acquisition costs and accelerate deal velocity.
Global Scale, Fast
With teams across key international markets, we support rapid expansion—helping startups go from local traction to global presence in record time.
Milestone-Driven Traction
Our support is tailored to help founders hit critical next milestones—whether it’s demonstrating product-market fit, validating demand, or building repeatable sales—laying a foundation for sustainable growth.
Looking to Invest?
We partner with over 300 of the world’s leading venture capital firms and corporate investors to identify, fund, and grow the best early-stage startups.
We co-invest in funding rounds, support portfolio development, and connect our partners with high-potential founders and global innovation platforms.
Sanari’s latest fund, the Sanari 3S Growth Fund (3SG), has R1.45 billion (approximately USD 80 million) in committed capital. It is a 2X Challenge-eligible fund with a strong gender-lens investing (GLI) focus and is aligned with South Africa’s B-BBEE transformation objectives. The investment team is 66% women and majority black, with over 55 years of combined experience in the mid-market private equity space.
Sanari targets mid-sized businesses with enterprise values between R75 million and R2 billion and makes equity investments typically ranging from R50 million to R250 million. The firm looks for well-established companies with at least three years of operating history and a clear commercial rollout strategy—typically post-product-market fit. Investments are primarily based in South Africa (80%) with up to 20% in the rest of Sub-Saharan Africa, focusing on businesses with potential for regional or global expansion.
The firm has a strict mandate, excluding investments in seed-stage companies, real estate, mining, primary agriculture, fossil fuels, weapons, tobacco, gambling, and other industries listed under the IFC exclusion list. It prefers transactions where it can take control or exert significant influence, including board representation and key governance rights.
Sanari’s sector themes include:
“All Connected”: Technology, ICT, IoT, automation, and software
“Data is the New Gold”: AI, machine learning, analytics, and data platforms
“Education is the Most Powerful Weapon”: EdTech, schools, and skills development
“In Sickness and In Health”: Healthcare, MedTech, wellness, agribusiness
“There is No Plan B”: Green solutions and circular economy businesses
The firm’s “3S” approach—building Sustainable, Scalable, and Saleable businesses—ensures a long-term, human-centric strategy to value creation. Sanari supports its portfolio companies with deep operational and financial expertise, change management capabilities, and internationalisation strategies.
Portfolio highlights include investments in companies such as:
LightWare (LiDAR sensors for autonomous systems),
Edulife Group (accessible education solutions),
iiDENTIFii (biometric authentication technology),
Energenic (energy efficiency solutions),
Fernridge (location-based data and analytics),
JAYCOR (connectivity infrastructure),
and Sensor Networks (IoT for insurance and energy-saving smart homes).
If your business is founder- or family-led, is at a growth inflection point, has R50 million+ in revenue, and aligns with Sanari’s focus on inclusive growth and technology-driven solutions, Sanari could be your ideal partner for sustainable expansion.
To learn more about our investment criteria and opportunities, click here to read the full overview.
Verod-Kepple Africa Ventures is a $60 million pan-African venture capital firm investing in tech-enabled, growth-stage companies. We provide not only capital but also operational expertise through our local resources via a joint venture with Verod Capital, and opportunities for exit through our affiliation with Japan, primarily through our LPs, which are mostly Japanese companies.
VKAV’s Investment Thesis
At Verod-Kepple Africa Ventures (VKAV), our investment thesis is driven by a commitment to support tech-enabled, growth-stage companies that are solving Africa’s most pressing challenges. We focus on three core areas: Inefficiency Solvers, Homegrown Innovation, and Infrastructure. Our sector-agnostic approach allows us to back exceptional founders and ideas, fostering a diverse and dynamic portfolio.
We provide not only capital but also operational expertise, leveraging our extensive networks to create strategic partnerships and facilitate successful exits. By focusing on these key themes, we aim to drive sustainable growth and transformative impact across the African continent. Our goal is to empower visionary leaders and innovative companies, ensuring they have the resources and support needed to thrive and reshape industries.
What We Invest In
- Infrastructure
Tech-enabled infrastructure to fill the gap for pain points
- Gaps in “traditional” infrastructure .e.g. banking, logistics, insurance
- Gaps in the provision of what should be public goods e.g. education, ambulance services
- Addressing “diseconomies” of scale / barriers to scaling
- Inefficiency Solver
Innovations to solve the inefficiencies for existing African industries/businesses
- Fragmentation and disaggregated markets e.g in supply chains and markets
- Unaffordable or context inappropriate solutions e.g. diagnostics, route to consumer, bridging gaps in the “informal” economy
- Home-grown Innovation
Home-grown innovation catering to emerging African lifestyles and consumption trends
- Increasing demand for local content
- Growing and diverse consumer base with new needs that are not being served
- Import substitution opportunity
Africa Bridge Fund is a pan-African initiative designed to support high-potential AI and deep tech start-ups with a focus on long-term systemic impact. The fund bridges global networks and capital with African innovation to help tech ventures scale successfully.
Why It Matters for ISVs:
Global Access: Leverage Africa Bridge Fund’s connections to international markets and investors.
Deep Tech Focus: Ideal for ISVs working in AI, biotech, medtech, climate tech, and connectivity solutions.
Full Lifecycle Support: The FACE model (Fund, Advise, Connect, Empower) supports startups from early-stage funding to investor readiness and growth.
What They Invest In:
Health Tech – Medtech, biotech, data, insurance, regulation
Climate Tech – Carbon, risk management, mitigation, data
Enablement Tech – Connectivity, education, jobs, pay-as-you-go, payments
Core Team:
Africa Bridge is led by a seasoned team with global VC, tech, finance, legal, and marketing experience from organisations such as Microsoft, UBS, Investec, Prescient, and Virgin.
Key Values for ISVs:
Structured Deal Support
Investor Readiness
Ecosystem Reinvestment
Strategic Global Networks