Hong Kong venture capital firm opens Africa base in Nairobi
Hong Kong based investment incubation firm- Nest- opened its first office in Africa, in Nairobi.
The venture capital firm is seeking to provide access to funding and making introductions to successful entrepreneurs. The firm primarily targets investments that are typically seed or startup phase companies.
According to a statement from the firm, the office is its first in Africa and is expected to serve the entire continent.
The firm will be headed by Aaron Fu as the Managing Partner in Africa. Mr Fu was previously Standard Chartered Bank’s head of digital banking in Africa where he spearheaded the financial institution’s digital sales framework across the continent.
“The office in Nairobi will act as a launchpad for Africa and startups from across the continent will be encouraged to apply for funding and support,” read the statement from the firm.
Fu’s primary focus will be to connect the region’s most promising entrepreneurs with Nest’s start up system through marketing, strategy, funding and network.
“Kenya is an exciting frontier market and Nest has the opportunity to be one of the first overseas organisations to make an impact and accelerate the growth of startups in Silicon Savannah,” Mr Fu said.
According to Nest CEO Simson Squibb, the move to invest in Africa has been informed by the existence of exciting talent in the continent.
“We can enhance access to financial services and develop effective education and healthcare technologies that reach the bottom of the pyramid and directly impact people’s lives,” said Mr Squibb.
Nest has so far invested in 49 companies over the last five years and has pioneered the corporate accelerator program in Hong Kong across the sectors including HealthTech, FinTech and Smart Cities sectors among others.
“We already have a presence in London and US and we look to bring this extended network network to Africa’s entrepreneurs,” Mr Squibb said.