Investor Profile: Verod Capital — Thesis, Cheque Size & How to Apply

Verod Capital is a Lagos-based investment firm founded in 2008 that has become one of West Africa's most established backers of high-growth companies. It operates two engines: a private equity arm that buys into mid-sized businesses across Anglophone West Africa, and a venture capital arm, Verod-Kepple Africa Ventures (VKAV), that backs tech-enabled startups across the continent. For founders in Nigeria and Ghana, Verod Capital funding spans the journey from early venture rounds to mature growth capital.

Verod joined the $110 million Series C of Moniepoint in October 2024 alongside Development Partners International and Google's Africa Investment Fund.

Investment thesis

Verod's private equity thesis is to partner with fast-growing companies led by effective management teams, and to improve operations actively after investing. It targets small and medium-scale enterprises in Anglophone West Africa, building a diverse portfolio across fast-developing industries rather than betting on a single sector.

The venture arm, VKAV, has a complementary thesis: scalable, tech-enabled, post-revenue companies solving friction across African markets. It focuses on three themes — companies building digital infrastructure, inefficiency solvers removing friction between businesses or between businesses and consumers, and market creators opening up economic opportunity as Africa's demographics shift.

Sectors and stages

The private equity funds invest across light manufacturing, consumer goods and services, business services, agriculture, education, healthcare and financial services. The venture fund focuses on fintech, edtech, logistics and healthtech.

Fund size and cheque size

Verod Capital's private equity arm manages over $360 million in assets and has invested in over 20 middle-market companies across three funds. Its second fund, Verod Capital Growth Fund II, closed at $115 million, and its third fund, Verod Capital Growth Fund III, is a $200 million vehicle that held an interim close at $150 million. Private equity investments range from $10 million to $25 million.

VKAV closed its first fund at $60 million, backed by investors including SBI Holdings, Toyota Tsusho, Sumitomo Mitsui Trust Bank, the Japan International Cooperation Agency and the Japan ICT Fund, with an additional $10 million later committed by the Japan ICT Fund. Its venture investments range from $250,000 to $7.5 million.

Notable portfolio

Beyond Moniepoint, Verod's Fund III portfolio includes i-Fitness, West Africa's largest fitness chain with 21 branches and over 26,000 members; Medplus, Nigeria's largest retail pharmacy business; Pan African Towers; DTRT Apparel in Ghana; and Tangerine insurance and pensions businesses. VKAV's portfolio includes Moove, KOKO Networks, Chari, Shuttlers, Nawy, Julaya, NowPay and Ceviant.

Partners and team

Verod was co-founded by managing partner Danladi Verheijen and partner Eric Idiahi, with Daniel Adeoye among its partners. VKAV is a joint venture between Verod Capital and Kepple Africa Ventures.

How to apply for funding

Founders can approach Verod Capital through its official website, verod.com, or via the venture arm at vkav.vc. Venture-stage founders should show post-revenue traction, a scalable tech-enabled model, and a clear answer to which of VKAV's three themes they fit. Growth-stage founders pitching the private equity arm need a profitable or near-profitable mid-sized business with a management team Verod can back and strengthen.