Former telecoms executive Romeo Kumalo’s investment firm plans to raise a $200 million fund to back AI-driven ventures in Africa. The South African entrepreneur, whose LLH Capital recently sold a major portion of its stake in the fintech Optasia, said the fund aimed to “fuel founders who are building solutions that change lives and deliver meaningful, risk-adjusted returns.”
Kumalo, previously the chief operating officer of Vodacom International, is an alumni of Harvard Business School. He’s also a well-known business personality thanks to his role as one of the investors on the South African edition of Shark Tank in 2016.
The 53-year-old is now betting on the impact of AI across the continent. Optasia debuted on the Johannesburg Stock Exchange earlier 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.