Constant Ventures has raised $100 VC funds for investment in West African tech startups

Constant Ventures, which is part of the Constant Group a $100 million venture capital fund has been raised to invest in a number of technology start ups with a focus towards financial inclusion and education. 

Initially, the fund will target West Africa. The fund will be based in Nigeria and Ghana.

Recent advances in digital information technology provide an opportunity to both build and scale solutions to everyday challenges faced by millions of Africans – in particular, the aggregation of fragmented value chains, the formalisation of large sectors of the continent’s economy and the provision of much-needed access to financial services for both consumers and businesses.

Constant Ventures has a unique structure. It allows investors to invest either in entrepreneurs with potential and compelling start-ups in West Africa or through its venture studio. This is a catalyst for combining best-in class entrepreneurs, ideas, capital and capital to rapidly build successful start-ups.

Constant Ventures established the fund based on its track record of success as an angel investor as well as being a respected technology business developer.

To date, it has invested US$3.2 million in nine Nigerian start-ups*, with a return of 5.6x, which is projected to return 15x after the next funding round.

Ike Echeruo (Chairman of the Constant Group) and co-founder, Managing Partner, of Constant Ventures says:

“We are very excited to be announcing this fund today.  This fund has been a decade in making. It was the result of extensive research and due diligence to anticipate this moment when information technology advances would allow start-ups in West Africa to address real social needs.

“Technology was always going to provide the answer to so many of the critical issues faced by millions of people across Africa today.  With recent advancements in information technology, we are on the verge of a paradigm shift. This opens up a new investment window.  We’ve looked at the best practices in other countries.  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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