This investment was made when British International Investment was named CDC Group.
Our investment
Description of the investment.
Description of the investment.
In 2014, CDC made a $15 million commitment to the Novastar Ventures East Africa Fund, alongside the EIB, the Dutch Good Growth Fund and other European DFIs including Norway’s Norfund, the Netherlands’ FMO, and France’s Proparco.
Other investors include AXA, JPMorgan Chase, and Hivos-Triodos Fund. It was the first investment made by the Impact Fund.
Expected impact
Expected impact of investments made between 2012 and 2018. From 2019 onwards, we have published a fuller set of impact information, assessing each investment against six dimensions of impact.
Expected impact of investments made between 2012 and 2018. From 2019 onwards, we have published a fuller set of impact information, assessing each investment against six dimensions of impact.
The fund provides capital and support to early stage innovative businesses to help them scale successfully. Novastar invests in businesses that improve access to affordable goods and services such as healthcare, energy, education and sanitation to low income populations.
The fund’s investments include companies such as Sanergy, a Kenyan franchise which provides small-scale, high-quality sanitation facilities in Nairobi's urban slums.
It has also invested in Komaza, a forestry company, which works with over 9,000 subsistence farmers in Eastern Kenya to address the large and fast-growing demand for wood products.
Environmental and social information
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Environmental and social summary
A high-level description of the environmental and social aspects of the investment. This may include a summary of key environmental and social risks identified during environmental and social due diligence (ESDD); key elements of an environmental and social action plan (ESAP); or ways in which we plan to support the investee improve environmental and social standards, such as through their environmental and social management system (ESMS); as well as any other priority areas agreed with the investee.
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Environmental and social risk
A risk category rating, which indicates the level of environmental and social risk associated with an investment. For an explanation of the categorisations used, see here. We consistently provide an environmental and social risk category for all investments screened from 2023 onwards.
Environmental and social summary
We are working closely with the fund manager to improve its existing ESMS, including delivering an action plan.
Reporting and Complaints Mechanism
The Reporting and Complaints Mechanism allows anyone outside BII to report alleged breaches of the business integrity or environmental and social provisions of BII’s Policy on Responsible Investing. This includes breaches made by BII, a BII investee, or a portfolio company of a fund in which BII has invested. The Reporting and Complaints Mechanism Rules are available here. Reports and complaints can be submitted by email to reportsandcomplaints@bii.co.uk or by mail. See more details on our Reporting and Complaints Mechanism here.
For any other general enquiries contact us at enquiries@bii.co.uk
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Key facts
- Last updated
:
When the last quarterly update of the website database occurred.
- June 2024
- Project number
:
An identifier number shared by investments in the same project.
- D264
- Status
:
The current status of the investment (green flag for active and red flag for exited).
- Active
- Region
:
The geographical region where the country is located. We currently invest in Africa, South Asia, South East Asia and the Caribbean. In 2023, BII’s investment mandate was extended allowing it to invest in regional funds linked to Ukraine, with the majority of activity expected to begin post-war. Investments outside these regions were made prior to 2012 under previous investment mandates.
- Africa
- Sector
:
We prioritise those sectors that facilitate development and need our capital the most. Our priority sectors contribute towards many of the Sustainable Development Goals. They range from investing in the power infrastructure that will provide people with better access to electricity, to investing in financial institutions that direct capital to the individuals and businesses that need it the most.
- Communications & IT services, Consumer - Education, Consumer - Health, Consumer - other services, Financial services, Food & Agriculture, Infrastructure, Manufacturing
- Investment type :
- Fund
- Start date :
- March 2014
- Amount :
- $14.65m
- Currency of investment :
- USD
- Fund Manager:
- Novastar Ventures Limited
- Domicile
:
The company or investment fund’s place of incorporation.
- Mauritius
We provide capital in the following ways: directly – through direct equity, direct debt, guarantees and other non-intermediated financial instruments; and indirectly – principally through investment funds.
For direct investments and fund investments, this is the date BII committed capital to the investments. This is typically the date on which legal agreements are signed by all parties.
For the portfolio companies of our fund investments, this is the date (either the month or the quarter) on which the fund committed capital to the portfolio company.
For direct equity investments, this is the date at which British International Investment exited the investment.
For debt investments, this is the date at which the final debt repayment was made.
For funds, this is the date at which the fund was terminated.
For underlying fund investments, this is the date at which the fund manager exited the investment.
The total amount committed, per financial instrument, per investment, on the date BII becomes subject to a binding legal obligation to provide funding or assume a contingent liability. This information is provided in US dollars.
For direct investments, this is the amount that BII has committed to the business or project. For fund investments, this is the amount BII has committed to the fund.
The currency in which the investment was made.
- Last updated
Related investments made by BII into this fund:
| Investment name | Commitment | Region | Sector | Start date | Status |
|---|---|---|---|---|---|
| Investment 02 | $350k | Africa | Communications & IT services, Consumer - Education, Consumer - Health, Consumer - other services, Financial services, Food & Agriculture, Infrastructure, Manufacturing | March 2015 | Active |
Investments made by this fund into companies:
For further information about these companies, visit https://www.novastarventures.com/
| Investment name | Country | Region | Sector | Start date | Status |
|---|---|---|---|---|---|
| Fortem Holdings Limited (iProcure) | Kenya | East Africa | Food & Agriculture | June 2017 | Active |
| Greenlight Planet Kenya Ltd | Kenya | East Africa | Infrastructure | March 2023 | Exited |
| GreenPath | Ethiopia | East Africa | Food & Agriculture | April 2018 | Active |
| HiviSasa (Mobile Web Limited) | Kenya | East Africa | Consumer - other services | June 2015 | Active |
| Komaza FPC | Kenya | East Africa | Food & Agriculture | March 2015 | Active |
| Lynk Jobs Limited | Kenya | East Africa | Consumer - other services | May 2017 | Active |
| Mfarm Ltd | Kenya | East Africa | Food & Agriculture | June 2014 | Active |
| Moko Home & Living Company | Kenya | East Africa | Manufacturing | September 2018 | Active |
| Newglobe Schools Inc | Nigeria | West Africa | Consumer - Education | March 2014 | Active |
| PayGo Energy | Kenya | East Africa | Consumer - other services | April 2017 | Exited |
| Penda Health Ltd | Kenya | East Africa | Consumer - Health | August 2016 | Active |
| Poa International Ltd | Kenya | East Africa | Communications & IT services | June 2016 | Active |
| Sanergy Inc. | Kenya | East Africa | Food & Agriculture | June 2014 | Active |
| Soko Inc. | Kenya | East Africa | Consumer - other services | April 2015 | Exited |
| SolarNow | Uganda | East Africa | Financial services | October 2014 | Exited |
| The Paradigm Project L3C | Kenya | East Africa | Manufacturing | June 2014 | Active |
