E-Financial
Seedstars Launches Platform to Develop Emerging, Diverse VC Managers
Seedstars officially launches Seedstars Capital, its investment platform for emerging venture capital (VC) fund managers with the support of xMultiplied, a Swiss based investment holding company.
The platform partners with emerging and diverse managers with local expertise and unique strategies and provides the necessary resources to launch new funds and develop their investment firms.
At the same time, it becomes the catalyst for investments into these early-stage firms by providing investors a diversified allocation solution to the asset class within emerging markets.
Seedstars is fully committed to the achievement of the UN’s SDGs and integrates ESG and impact considerations into its manager selection process to drive positive changes.
With the platform, Seedstars expects to drive over $500m of new funding into emerging and diverse managers, who will create more than 10,000 new jobs and generate over $20bn of additional GDP across emerging markets in the next 10 years.
Despite the exponential growth of the VC industry across emerging markets in recent years, most early-stage VC funds raised are small in size (i.e. below $50m AUM) and raised by an increasing number of new and diverse teams with limited track record and resources, which reduces the amount of capital limited partners can deploy to these skillful and highly talented managers.
Seedstars seeks to bridge those market inefficiencies by working alongside new and diverse managers in the development of their strategies, providing the resources of its large community of limited partners, mentors, experts, physical locations and the tech and administrative infrastructure.
By bringing these teams and assets together, Seedstars is building a global platform of high-performing and impactful strategies across emerging markets.
Benjamin Langer, Partner of Seedstars Capital comments, “We believe the venture capital industry needs to be more open and inclusive and we find highly talented managers across emerging markets.
“Unfortunately, most lack the scale and resources to attract institutional limited partners and depend on local funding to deploy their strategies and create the impact they long for.
“For limited partners,, the growing number of new managers makes it difficult to identify the best performing and most impactful strategies.
“By pooling their assets and bringing them under our community, we can accelerate the growth of rising managers while offering limited partners the visibility and investment vehicles they need to increase their allocation to the asset class.”
Vivek Chandaria, Managing Partner at xMultiplied shares, “We partnered with Seedstars given our common vision of creating wealth with positive impact across emerging markets. Providing outstanding new and diverse managers the possibility to execute on their strategies will fuel economic growth while achieving market investment returns”.
The first fund launched by the platform is Seedstars International Ventures, an industry agnostic pre-seed & seed stage emerging & frontier market fund. Recently, the fund announced its first close, which garnered support and commitments from notable limited partners such as IFC, Visa Foundation, Rockefeller Foundation and Symbiotics.
The platform also works with Seedstars Africa Ventures, a regional-focused fund to back companies in the African continent. The fund has partnered with French private equity and asset manager LBO France to address the investment gap existing in the region.
Moreover, Seedstars is currently working towards launching funds focused on EdTech, supply chain, ClimateTech and other impact sectors with outstanding rising managers in emerging markets to be announced soon.
Seedstars is set to collaborate with a number of additional sector specific technology funds, active from Pre-Seed to Series A, in emerging and frontier markets.
The exchange rate stabilised in the FX market as the Central Bank of Nigeria (CBN), defended the local currency with $360 million, stemming a negative tide from increased demand for the US dollar.
Olayemi Cardoso, Governor, Central Bank of Nigeria
According to Market Forces Africa, for most part of the week, the naira experienced heightened volatility due to an FX liquidity shortage in the official window, brought forward from the previous week.
This caused the exchange rate to wobble against the US dollar, but late picked up as inflows into the market improved.
On Friday, the naira rebounded against the dominant foreign currency, the US dollar, in last-minute transactions supported by a relatively higher liquidity supply by the monetary authority.
The exchange rate appreciated by about 2% to settle at N1,517.93 in the official market on Friday after persistent negative volatile.
Spot FX data from the regulator showed that the naira gained N29.89 on the day following FX sales to banks.
The market liquidity was also supported by additional inflows from foreign sources and reduced demand for foreign payments.
FX interventions and inflows from offshore clients and local corporations boosted volume of US dollar in the official window, AIICO Capital Limited dropped the hint in an investors note.
In the market, demand pressure persisted, leading to fluctuations in the US dollar to naira exchange rate for most of the week.
The CBN sold $188.10 million to banks, the last auction offered at the range of N1,532.00 to N1,540.00, bringing the total FX sales for the week to $360.00 million, according to investment banking firm TrustBanc Financial Group Limited.
Despite these interventions, demand outpaced supply, causing the naira to depreciate. By the end of the week, the market recorded improved liquidity, with trades ranging between N1,480 and N1,548.
Data from the CBN revealed that Nigeria’s external reserves increased by USD12.06 million to USD38.36 billion after 9 consecutive weeks of decline. In the forwards market, the naira rates decreased by 0.6% for a one-month contract to N1, 577.80.
The Securities and Exchange Commission (SEC) has cancelled the registration of Mainland Trust Limited, and suspended Centurion Registrars, following their failure to comply with regulatory directives.
The commission made the disclosure through circulars which were released at the weekend. The circular on Mainland Trust Limited read: “The Securities and Exchange Commission hereby notifies the general public that the registration of Mainland Trust Limited as a capital market operator has been cancelled with immediate effect.
“This cancellation order is made pursuant to the powers of the Commission under Section 38(4) of the Investments and Securities Act, 2007 and Rule 34(1)(e) of the SEC Consolidated Rules and Regulations 2013.
“The Commission’s decision is informed by the company’s failure to comply with regulatory directives and non-resolution of several complaints against it.
“All clients of Mainland Trust Limited are by this notice advised to contact the Central Securities Clearing Systems Plc (CSCS) for appropriate guidance on the transfer of their stocks to another stockbroker of their choice.”
SEC directed that the Nigerian Exchange Group (NGX), the Institute of Capital Market Registrars (ICMR), the Chartered Institute of Stockbrokers (CIS), the Central Securities Clearing System (CSCS) Plc and all capital market trade associations to discontinue capital market-related dealings with the company.
In the same vein, the SEC announced the suspension of Centurion Registrars Limited, its directors and sponsored individuals from capital market activities with immediate effect.
The SEC said the suspension order was made pursuant to the powers of the Commission under Section 38(4) & (5) of the Investments and Securities Act, 2007 and Rule 34(1)(e) of the SEC Consolidated Rules and Regulations 2013.
It explained that its decision was informed by the company’s failure to comply with regulatory directives and non-resolution of several complaints against it.
“All clients of Centurion Registrars Limited are advised to contact Africa Prudential Plc for appropriate guidance on the transfer of their portfolios to another Registrar of their choice.
“In addition, the Nigerian Exchange Group (NGX), the Institute of Capital Market Registrars (ICMR), the Chartered Institute of Stockbrokers (CIS), the Central Securities Clearing System (CSCS) Plc and all Capital Market Trade Association are directed to discontinue capital market related dealings with the company and its principal officers,” the circular stated.
The commission also disclosed that in furtherance of the commission’s unwavering commitment to the maintenance of zero tolerance for infractions in the Nigerian capital market and in line with its revised enforcement strategies, stakeholders and the general public are hereby informed that henceforth, the names of capital market operators (CMOs) found to have violated market laws/regulations would be published in the commission’s “name and shame” journal.
“The publication would be in addition to the sanctions/penalties for the respective infractions prescribed in the ISA 2007 and the SEC Rules and Regulations.
“This enforcement strategy underscores the Commission’s dedication to safeguarding the integrity and stability of the Nigerian capital market, protecting investors, and ensuring strict adherence to established rules and regulations.
“Stakeholders and CMOs are advised to be guided accordingly” the commission added.
FirstBank has formally denied allegations of fraud in an ongoing court case filed by customer Dr. Agbai Eke, describing the claims as “entirely unfounded and false.”
According to a statement from the bank, their internal investigation points to “unprofessional and unethical dealings” between Dr. Eke and a former bank employee.
FirstBank claims these individuals used a personal relationship to conduct unauthorised transactions without the bank’s knowledge or involvement.
The bank said it has reported the matter to law enforcement authorities for further investigation.
Officials noted that suspects have already provided statements to investigators.
FirstBank also declined to provide additional details, citing the ongoing court proceedings.
“We will refrain from further comments to allow the Court to dispassionately determine the issues before it,” the bank stated.
The case gained public attention following reports by Thisday Newspaper and Arise Television, as well as through a circulating video regarding the legal dispute.
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