South Africa-based private equity and venture capital firm Capital Eye has signed a strategic investment partnership with the Multiply Group to launch the Crossfin fund, which will have a particular focus on fintech startups.
Launched in 2011, Capital Eye manages a portfolio of investments spread primarily across Sub-Saharan Africa, but also in the United States (US), United Kingdom (UK) and Jersey. African investments include wiGroup, Emerge Mobile and Indaba Mobile.
Disrupt Africa reported last year the company was raising a fund to invest in technology businesses across the continent, and that has now culminated with the launch of Crossfin. The fund is made up of a logical grouping of Capital Eye’s fintech assets such as Emerge Mobile and wiGroup and Blue Garnet, with the Multiply Group acquiring a 35 per cent stake.
The fund will focus on fintech companies, which the partners said was an extremely exciting investment class. Crossfin aims to become a powerhouse in providing fintech solutions that enables growth for economies of Africa.
“This investment and vote of confidence in our assets and investment strategy could not have come at a better time for our new group, Crossfin. The prospects for both the existing businesses and identified targets are staggering and we look forward to delivering on the abundant potential.” says chief executive officer (CEO) Dean Sparrow.
“Crossfin is an exciting prospect for any business looking to leverage or complement our existing Fintech ecosystem of partners, agents, merchants, retail till points and client base in Africa and beyond,” said chief operating officer (COO) Anton Gaylard.
