LLH Capital, a private equity firm led by Romeo Kumalo and Gil Oved, sold down a significant portion of its stake in Optasia during the latter’s JSE listing on Tuesday and now plans to use the funds to invest in tech-led start-ups.
Optasia concluded a successful initial public offering on the JSE this week, the largest listing in Africa in 2025.
Bloomberg News reported that the two businessmen – Kumalo is a former Vodacom executive – plan to raise US$200-million (R3.5-billion) to back AI companies across the continent and further afield.
LLH Capital targets high-growth, founder-led businesses with a focus on financial services and telecommunications. Sectors targeted include those undergoing rapid transformation driven by demographic shifts, digital innovation and AI.
Kumalo and Oved’s other investments and exits through various funds and investment vehicles have included Smart Call, Ozow, Publicis Groupe Africa, Sendmarc, Flow Living and Bottles.
“Our model is largely built on active investment,” said Kumalo. “We don’t just deploy capital; we create exceptional returns by working to grow the businesses we invest in.”
The two businessmen see a convergence between financial services and telecoms as a key opportunity for innovation. As Africa’s youthful population reshapes consumer demand, entrepreneurs are responding with tech-driven solutions. However, scaling these ventures requires more than funding, they said.
Leadership and access
“Challenger businesses, like Optasia, are solving real problems in emerging and frontier markets,” Oved said. “Businesses ready for investment need capital, yes, but they also need strategic leadership, structure and access to networks. That’s where we come in. We identify scalable models, support their growth and position them for acquisition or partnership.”
Read: Optasia eyes Africa, Asia growth with JSE debut
Oved is co-founder of The Creative Counsel and was one of the “Dragons” on DStv’s popular reality television production, Dragons’ Den. Oved was also chosen as the first “Shark” on M-Net’s Shark Tank series. He co-starred with Kumalo, who held senior roles at Vodacom between 2004 and 2016, on both shows. — © 2025 NewsCentral Media
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