VC firm Capital Eye raising $100m for African tech investments

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South Africa-based private equity and venture capital Capital Eye is in the process of raising a US$100 million fund to invest in technology business in Sub-Saharan Africa.

Launched in 2011, Capital Eye currently manages a portfolio of 13 investments, primarily across Sub-Saharan Africa, but also in the United States (US), United Kingdom (UK) and Jersey. African investments include Wigroup, Emerge Mobile and Indaba Mobile.

Capital Eye associate Ravindra Mistri told Disrupt Africa the company was currently establishing its third investment platform, and was on a road-show fundraising for a US$100 million private equity fund to invest in technology businesses and businesses driven by technology in Sub-Saharan Africa and emerging markets.

“We anticipate first close of the fund in the second half of 2016,” Mistri said. “We look for mobile, cloud, data, and social technologies that are scalable, with strong annuity revenue streams that ultimately solve a problem or remove friction from a transaction or process.”

Mistri said he expected the next three years would see a very aggressive acquisitive growth strategy across fintech, supply chain solutions, and software application solutions for the company.

The Capital Eye news is the latest in the host of funds springing up to support African tech startups, following on from a successful 2015 that saw startup raised in excess of US$185 million.

A number of these are coming out of South Africa, notably the GroTech fund, one from Caban Investments, and recent funds announced by mLab Southern Africa and the City of Joburg.

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Passionate about the vibrant tech startups scene in Africa, Tom can usually be found sniffing out the continent's most exciting new companies and entrepreneurs, funding rounds and any other developments within the growing ecosystem.

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