Riki Yamauchi, Investment Director at Novastar Ventures, writes:
We first started exploring the idea of opening up a new avenue for a source of capital that’s different, long-term and strategic over coffee with Steve and Andrew, founders and Managing Partners of Novastar, in 2022.
By February 2023, alongside a delegation including Norrsken22, Regen Organics, Hello Tractor, ARC Ride, OnePort360, Yemachi Biotech and the WHO Foundation, we were on our way to Tokyo. The trip benefited from the support of Asia Africa Investment & Consulting (AAIC) and Japan External Trade Organization (JETRO), a government-arm that promotes trade and investment between Japan and the rest of the world.
It was during this trip that we sensed, for the first time, a genuine curiosity about Africa’s entrepreneurial story. Investors and institutions wanted to understand what was happening on the ground: the scale of opportunity, the role of venture capital, and the potential for Japanese capital and expertise.
Fast forward to today, and that bridge between Africa and Japan is no longer just an idea — it’s being built, brick by brick.
This year marked an important milestone in the process. Sumitomo Mitsui Banking Corporation (SMBC), one of Japan’s biggest banks, joined Novastar Ventures Africa People and Planet Fund (NVIII) as a Limited Partner, backing African entrepreneurs who are building solutions to the continent’s biggest problems.
In the same week, the Japan International Cooperation Agency (JICA) committed USD 10 million to NVIII under its Africa People and Planet Start-up Investing Project. These commitments build on the anchor partnership we formed with SBI Holdings in 2023. From the outset, Shohei Yamanda and Koshiro Ashizawa of SBI saw the potential of connecting Japan’s long-term capital and technological strengths with Africa’s growth and entrepreneurial drive. Today, with prominent institutions such as SMBC, JICA, Mitsubishi Corporation and Mitsui OSK Lines on board, that vision is gaining real momentum.
But this bridge isn’t only about raising and deploying capital. It’s about knowledge exchange, with Japanese corporates and investors bringing operational expertise, and African founders sharing lessons on innovation in high-growth, high-impact markets. It’s about creating a platform where collaboration flows both ways, unlocking value for both continents.
Some examples of this in action include Toyota Tsusho/CFAO’s investment into BasiGo, Africa’s largest electric bus provider — supporting local manufacturing of EV Buses in Kenya. Additionally, Yamaha’s investment into MAX, West Africa’s leading driver subscription platform- helping to scale vehicle asset-financing for boda drivers across West Africa.
At Novastar, we see these first steps as the foundation of something bigger: a trusted and durable Japan–Africa bridge. One that will accelerate capital flows, co-investments, and partnerships for years, decades, and potentially centuries to come. We believe these partnerships will nurture the growth of industries on the continent like mobility, clean energy transition, agriculture and manufacturing. Industries that serve the basic needs of everyday consumers, producers and suppliers in Africa.
But we can’t do this alone. These first steps would not have been possible without the collaboration of ecosystem partners in both markets, including fellow Africa focused VC investors, world-class African entrepreneurs, the private equity and Development Finance Institution community, as well as numerous champions within Japanese institutions who went the extra mile to fight time zones, and break traditional norms.
And this is really just the beginning. We are very excited for the chapters to come, with more partnerships fueling the entrepreneurial revolution in Africa. My own, heartfelt thanks and appreciation goes to those friends and colleagues, old and new, who worked so hard alongside us. We’re grateful to be on this journey with you.
In the words of Spanish poet, Antonio Machado, “Traveller, there is no path. The path is made by walking.”
