East Africa-focused venture capital firm Novastar Ventures has reached a final close on Novastar Ventures East Africa Fund I with US$80 million in capital commitments. Investors in the fund included development finance institutions CDC, FMO, Norfund and European Investment Bank. Multinational bank JP Morgan, global multi-asset investor AXA Investment Management and Netherlands-based lender Triodos Bank also committed to the fund. Novastar East Africa Fund I is targeting early- and growth-stage businesses in East Africa and has already invested in eight companies, including Kenya-based primary school chain Bridge International Academies and Kenya-based waste management company Sanergy.