Apr 07, 2014
JPMorgan Chase is investing $5 million in Novastar Ventures to develop and grow early-stage businesses that bring the most basic human needs to some of the poorest communities in East Africa. The investment will be matched by an additional $15 million from UK Department for International Development DFID as part of its first ever Impact Investment Fund. Launched in 2013, the fund is managed by the CDC, the UK's own Development Finance Institution.
The investment in Novastar further demonstrates the firm’s dedication to building and delivering innovative solutions to address social and environmental challenges in partnership with governmental and philanthropic organizations. Late last year JPMorgan Chase and the Bill & Melinda Gates Foundation announced a new $108 million investment fund to advance late-stage global health technologies, like vaccines, in low-income countries. Since its launch in 2007, JPMorgan Chase has committed more than $50 million in capital to a number of funds making investments in Africa and other parts of the world including the African Agricultural Capital Fund, LeapFrog Financial Inclusion Funds I and II, and MicroVest II.