Novastar is a venture capital fund manager dedicated to finding and growing the “new stars” of East, and now West Africa. Novastar backs early and growth stage businesses led by entrepreneurs with the capability and ambition to transform markets and sectors. Such enterprises address proven demand for basic goods and services with innovative business models that widen access, improve quality, and lower cost for the mass market in these emerging economies. The fund targets businesses where positive social impact for low-income households is a natural bi-product of their commercial success. At its target size of $120m, the Fund plans to back 22 such early- and growth-stage breakthrough businesses with minority equity interests from $250,000 up to $8 million through multiple capital rounds. EIB participated in Novastar II’s $72.5m first closing in October 2018.