Sumitomo Mitsui Banking Corporation (SMBC) has committed capital to the Africa People & Planet Fund III, L.P., managed by Novastar Ventures, through its Social Value Creation Investment Fund, as part of the Sumitomo Mitsui Financial Group’s broader mission to “Create social value”.

Purpose Behind the Investment

Africa’s population is projected to account for 25% of the global total by 2050, signaling both vast opportunity and the need for robust social infrastructure. Startups are emerging as key players in addressing infrastructure gaps—especially in fintech, green tech, mobility, agriculture, and logistics. By investing in this fund, SMBC aims to support innovation that builds resilient local systems and fosters sustainable development. 

About the Fund & Novastar Ventures

Founded in 2014, Novastar Ventures is one of Africa’s pioneering and largest venture capital firms, boasting over USD 200 million in assets under management. Its portfolio spans sectors tackling environmental and social challenges, including reducing greenhouse gases, enhancing soil health, and restoring biodiversity. EBS Public Now+5Saturday Morning Breakfast Cereal+5Empower Africa+5

The newly launched Fund III targets early-stage startups across East and West Africa, with a focus on sectors such as renewable energy, agritech, affordable housing, cold-chain infrastructure, fintech, consumer goods, and more. Empower Africa

Other notable investors in this fund include development finance entities like Swedfund, Norfund, Proparco, British International Investment, and corporate players like Mitsui O.S.K. Lines (MOL). 

SMBC’s Strategic Vision & Governance

The funding is channeled through SMBC’s Social Value Creation Investment Fund, part of SMFG’s Mid-Term Management Plan, which allocates JPY 50 billion (approx. USD 340 million) for fiscal year 2025—a JPY 10 billion increase over the prior year. 

This initiative reflects SMBC’s commitment to backing ventures that drive both economic growth and social progress, especially in fast-growing markets like Africa, where startups are innovating across essential services. Collaborating with local entrepreneurs also opens channels for global market engagement, particularly as Japanese and Asian companies increasingly enter the African innovation ecosystem. 

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