Ex-Vodacom Executive to Launch $200M Africa AI Fund After Optasia Exit
TLDR
- Romeo Kumalo plans to raise a $200 million private equity fund to invest in artificial intelligence-focused companies across Africa
- The move follows LLH Capital’s profitable exit from Optasia, the fintech and AI platform that debuted on the Johannesburg Stock Exchange this week
- The initiative reflects a broader surge in investor interest in Africa’s AI ecosystem, where startups are using machine learning to improve access to finance, healthcare, and logistics
Romeo Kumalo, the former Vodacom Group executive and co-founder of LLH Capital Ltd., plans to raise a $200 million private equity fund to invest in artificial intelligence-focused companies across Africa.
The move follows LLH Capital’s profitable exit from Optasia, the fintech and AI platform that debuted on the Johannesburg Stock Exchange this week with a valuation of about $1.4 billion.
“This IPO has shown us what the future is for technology and companies driven by artificial intelligence in Africa,” Kumalo told Bloomberg, noting that the capital raise could take place within 12 to 18 months.
The initiative reflects a broader surge in investor interest in Africa’s AI ecosystem, where startups are using machine learning to improve access to finance, healthcare, and logistics. Kumalo, who previously served as Vodacom’s COO for international operations, has long championed local tech entrepreneurship.
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Key Takeaways
Romeo Kumalo’s planned $200 million AI fund signals growing confidence in Africa’s emerging artificial intelligence economy, as investors look beyond traditional fintech and telecom plays. Following LLH Capital’s successful early bet on Optasia—a company now operating in 38 countries providing AI-driven microloans—the fund aims to scale ventures using machine learning to address Africa’s most persistent challenges, from credit access to supply chain inefficiencies. The move aligns with a growing trend of high-profile African tech firms preparing for public listings, including Flutterwave, TymeBank, and Airtel Money. For Kumalo, the focus on AI marks a shift toward technology infrastructure that can underpin the next decade of growth. Meanwhile, Optasia’s major shareholder Chronos Capital, led by Michael Jordaan and Roger Grobler, reaffirmed its commitment to AI-led lending, arguing that “just-in-time credit” could redefine financial inclusion and create compounding prosperity across the continent.
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