Artificial Intelligence
Romeo Kumalo Launches R3.5 Billion AI Fund to Power Africa’s Tech Future
From Telco Boardrooms to Bold Tech Bets
Romeo Kumalo, one of South Africa’s most recognised business leaders and a former Vodacom executive, is stepping into Africa’s artificial intelligence revolution with a game-changing plan. His investment company, LLH Capital Ltd, aims to raise a $200 million (about R3.5 billion) fund to support AI-focused startups across the continent.
It’s a bold move, and one rooted in experience. Kumalo was among the early backers of Optasia, a financial technology and AI platform that has just made its debut on the Johannesburg Stock Exchange (JSE) with an impressive valuation of roughly $1.4 billion.
For Kumalo, the success of Optasia’s listing is proof that African innovation, especially in AI-driven industries, is ready for the global stage. “This IPO has shown us what the future is for technology and companies driven by artificial intelligence in Africa,” he told Bloomberg, hinting that LLH Capital’s fundraising could take place within the next 12 to 18 months.
Betting on Africa’s AI Wave
Across the continent, artificial intelligence is transforming sectors once considered out of reach for tech disruption, from financial access and logistics to healthcare delivery. Kumalo’s planned fund positions Africa not just as a consumer of global technology, but as a creator of it.
Industry analysts see growing investor confidence in African fintech and AI-powered innovation. Companies like TymeBank, Flutterwave, and Airtel Money, each valued at more than $1 billion, are already exploring their own potential listings. LLH Capital’s move signals that private equity is ready to play a bigger role in turning African tech into a sustainable, globally competitive industry.
A Vision Rooted in Experience
Before becoming a private equity investor, Kumalo served as Chief Operating Officer for Vodacom International, overseeing operations across several African markets. His experience in scaling telecom infrastructure in emerging economies has given him a unique vantage point on the role of data, connectivity, and digital access in shaping economic growth.
His focus now is on AI and its potential to bridge long-standing gaps in access to credit, education, and opportunity.
Optasia and the Power of AI-Led Finance
Kumalo’s optimism is shared by others in the tech investment world. Chronos Capital, Optasia’s largest shareholder, counts respected South African business figures Michael Jordaan and Roger Grobler among its partners. The firm has reiterated its long-term faith in Optasia, which operates in 38 countries, providing microloans and cash advances to millions of underbanked customers.
Grobler summed it up simply: “The myth is that poor equals bad credit. The reality is that if the product fits the job, people repay.”
That philosophy, using AI to tailor financial solutions in real time, is what Kumalo hopes to amplify through his upcoming fund. By backing startups that prioritise local needs and scalable technology, he aims to fuel a cycle of innovation and trust that compounds prosperity across Africa.
Why It Matters
Africa’s AI landscape is still in its infancy, but its potential is vast. With leaders like Romeo Kumalo putting capital and credibility behind the sector, the next wave of global tech success stories may not come from Silicon Valley or Singapore, but from Johannesburg, Nairobi, or Lagos.
And if LLH Capital’s R3.5 billion fund delivers on its promise, Africa’s AI future could be closer than we think.
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Source: MyBroadband
Featured Image: Daily Investor
