Japanese Firms Back VC Fund Targeting African Startups

Japanese companies including Mitsubishi Corp., Sumitomo Mitsui Banking Corp. and Toyota Ventures LLC invested in a $147 million Africa-focused venture capital fund, in a sign of growing interest from the Asian nation in the continent’s startups.

The Novastar Ventures fund also drew investors including SBI Holdings Inc., Mitsui OSK Lines Ltd. and the Japan International Cooperation Agency, according to partner Steve Beck.