Constant Ventures, a subsidiary of the Constant Group, is launching a $100 million venture capital fund to invest in a variety of West African technology businesses.
The Constant Group was created in 2006 and now has two divisions: Constant Capital and Constant Ventures, which employ a total of 40 people.
Constant Ventures was founded to invest in a portfolio of fintech, healthcare, and logistics firms. It has invested over US $3.2 million in nine startups so far and expects a 15x return following the next round of investment.
Financial inclusion, education, and healthcare will be the emphasis of its latest fund. Investee firms will be based in Nigeria and Ghana at first, with the fund aiming to expand to the rest of West Africa.
The Constant Ventures fund invests in exceptional entrepreneurs and compelling businesses across West Africa, either directly or through its patented venture studio, which serves as a catalyst for bringing together best-in-class entrepreneurs, ideas, and cash to swiftly construct 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 in 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.”