Mustard, a London-based venture capital agency focused mainly on Africa, has launched a £4 million idea-stage investment programme to help build African firms from the very start.
According to the company, the development is aimed at originating Africa-focused ventures which have the potential of attaining worldwide reach. The approach will be designed to enable the firm to play the role of both investor and builder from the earliest stage possible.
In clearer terms, the company will identify visionaries with promising venture ideas in areas including engineering, design and storytelling that are capable of attaining a global audience. These companies are then provided with capital funds with a target to provide investors substantial returns in 5-year time against the mainstream 10-year return method approached by most African firms.
“Mustard’s expertise in venture building at the earliest possible stage coupled with a strong philosophy on brands has resonated with us for quite a while,” Eghosa Omoigui, General Partner of EchoVC Partners said. “African startups and their brands need to go out to the world for many reasons, among which include access to broader consumer markets. Mustard’s idea-stage investment approach is uniquely different, and highlights why a mixture of approaches is what a growing startup ecosystem needs.”
Mustard targets the African market because of its faith in it. The company believes that African brands have the capability to scale globally which will in turn affect the continent’s image positively. One of their goals is to shape Africa’s future. The launch of the £4 million investment vehicle is to build narrative-led technology enterprises from the very start, with like-minded founders and investors.
Founder of Mustard, Ndubuisi Kejeh, in a press statement acknowledged prominent advisors as well as its team of experts such as Parminder Vir OBE, an award-winning film and TV producer and the former CEO of the Tony Elumelu Foundation; Chris Williamson, MD of Mpesa at Vodacom; Eunice Chou of the Africa VC firm EchoVC partners, and Dudu Sarr, long-time friend and manager of Grammy-award winner, Youssou N’dour, most of which have only positive things to say about the firm.
“Africa has many stories to tell, and over the last twenty years the story of its resilient youth seen through the growth of tech startups has been one of its most significant,” Parminder Vir OBE said. “Over the last four decades, I have worked to bring stories from Africa and other cultures to the world through film and television, and I believe Mustard’s approach will help to do the same through the meaningful brand narratives it builds for tech ventures.”