Vector Innovation Fund Announces Launch of First Advanced Technology Focused Sub-fund for Pandemic Protection
Vector Innovation Fund GP S.à.r.l. (VIF) has now launched an expected $300 million pandemic protection sub-fund 1. This first sub-fund aims to invest in technologies for pandemic protection and future healthcare, aiding and supporting precision medicine, highly advanced point of care and AI technologies to support the global economy, sustainable healthcare, and life longevity. This first sub-fund’s objective is to target commitments totalling $300m due to a strong deal flow, with an expected first close of $120m and a final close expected within 19 months.
The General Partners have an excellent track record in industry, healthcare, technology and investment, with 21 exits and a total value creation of $2.4billion, including two successful IPOs.
VIF is a Reserved Alternative Investment Fund based in Luxembourg has just been incorporated under the laws of the Grand Duchy of Luxembourg as a corporate partnership limited by shares (société en commandite par actions) qualifying as an investment company with variable capital – reserved alternative investment fund (société d’investissement à capital variable – fonds d’investissement alternatif réservé) under the RAIF Law.
VIF has been set up as an umbrella structure with sub-fund Vector Innovation Fund – Pandemic Protection Fund 1 at incorporation date. The General Partner might, at its discretion, launch additional sub-funds (which may be open-ended or close-ended) each of which is represented by one or more Classes of Shares. The fund qualifies as an AIF within the meaning of the AIFM Law.
Each sub-fund shall constitute a distinct and segregated part of the assets and liabilities of VIF’s umbrella structure.
Economic forecasters say fallout from COVID-19 is driving huge investment within AI and Nanotechnology as healthcare investment is expected to grow at a rate of nearly 50% extra a year towards a market set to be worth $1.333 trillion by 2027, according to Precedence Research 2020.
The Pandemic Protection sub-fund 1 plans to invest in sophisticated biotech and nanotechnology-based diagnostics, biomarkers, vaccines, novel therapies, highly targeted nanomedicines, and AI, allowing us to move to a more sustainable, digitised, decentralised and democratised point-of-care environment. The world cannot afford another pandemic, the ongoing impact of long Covid symptoms will have a profound effect on healthcare provision for the next five to ten years. The world of investment, industry and governments are gearing up to be better prepared and are funding future the proof technologies for global health.
These dynamic investments will help to potentially free up our economies and future-proof us from infectious diseases as well as develop solutions to antibiotic resistance, another global healthcare challenge that only technology can solve.
VIF, represented by its managing general partner Vector Innovation GP, has also appointed Fuchs Asset Management S.A., led by CEO Timothe Fuchs. Fuchs Asset Management S.A. is a public limited liability company based in Luxembourg, as the qualified Fund Manager (AIFM) governed under Luxembourg law for reserved alternative investment funds under RAIF Law 2016.
The appointed investment advisor for the fund is Enabling Tech Investment Advisors S.À R.L. who is also based and incorporated in Luxembourg under Luxembourg law. VIF’s depository bank is Banque de Luxembourg. Other international service providers include Maitland, Ashurst, The World Nano Foundation and World Science Aid.
The fund has brought together some of the world’s leading figures in biomedicine, advanced diagnostics, nano biomarkers, telemedicine, AI and machine learning to accelerate these transformational technologies into the markets, backed by sophisticated, UHNW and institutional investors creating potentially one of the most dynamic international investment structures.
VIF’s fund investment strategy looks to deliver 25-30% estimated gross IRR, 4x MOIC over the life of the fund with an estimate of 10-12 diversified investments per sub-fund.
Each prospect company seeking investment from VIF must demonstrate to our investment advisors, our global advisory board, investment committee and fund managers, their ability to commercialise highly disruptive technology globally. For this, VIF uses its unique proprietary rating system for strategy implementation, using world-class benchmark modelling for technology and healthcare investment.
The Fund’s Enabling Technology Investment Advisors and global advisory board are international leaders in these fields of expertise. This has been demonstrated via previous start ups that have gone on to become ‘unicorns’, as well as our team’s wider experience with large conglomerates in terms of advising and supporting them on strategy, scaling or commercialising disruptive innovations in international markets.
One international investment platform is a Pandemic Protection alternative investment fund operated by Vector Innovation Fund in Luxembourg focused on limiting the effect of long form Covid-19, insulating the world against the impact of future pandemics, whilst minimising any impact on the global economy and healthcare provision and preparedness. As well as this, the fund is committed to enhancing the development and prevalence of nanotechnology in healthcare.
The Vector Innovation Fund is a Reserved Alternative Investment Fund (RAIF) specialising in support for technology companies able to transform global markets, notably in global healthcare, sustainability and longevity. These transformational technologies come from the nanotechnology, biotech, AI and machine learning, medical devices, therapies and digital health sectors.
TeamApt Transactions Hit N1.4T In May
Nigeria’s one of Nigeria’s leading fintech companies, Teamapt said it transacted N1.4 trillion ($3.5billion) value in 68 million transactions volume in May 2021 on its agency banking platform.
The data sourced from the monthly report of Shared Agent Network Expansion Facilities (SANEF), an initiative of the Central Bank of Nigeria (CBN) to promote agency banking and mobile money in the country, shows that Teamapt controls 74 percent of the total agency banking operations within the period.
The company which is currently leading Nigeria’s agency banking industry provides financial services for the underserved mass market through Moniepoint – its financial access product, and Monnify – its payment gateway infrastructure.
At a media briefing on Thursday in Lagos, officials of Teamapt revealing more of its transaction figures and financial performance for the past months said in less than two years, the company has grown rapidly to operate the largest agency banking platform with a network of over 100,000 agents.
In March 2021, it hit a milestone of transactions worth over N1trillion ($2.4bn) for the first time. In May, the value increased to N1.4 trillion ($3.5bn) with 68 million transactions in volume, and between April 2020 and April 2021, the total value of transactions processed has gone up to $16 billion.
Speaking on the company’s plans to transform financial services in Africa, CEO and founder of TeamApt, Mr. Tosin Eniolorunda said “To achieve our mission of providing financial happiness for all, we started out by building working infrastructure and distributing this in every of Nigeria’s 36 states.
“So far, Moniepoint has served over 25 percent of the 48 million banked Nigerians, previously underserved by the financial system. This is a great feat but we still have a lot of work to do. Many Nigerians are still underserved, and with this pain not exclusive to Nigeria but shared among Africans, we intend to scale into more regions of the continent.
“We remain focused on innovating, and we expect that in the future, through Moniepoint, we will reach more people across Africa and build their trust in the financial system and processes. We look forward to empowering our agents with the facilities to offer other financial services directly to customers, beyond deposits and withdrawals,’’ Eniolorunda added.
TeamApt reiterated its commitment to transform financial services in Africa, the company was founded in 2015 and started out by building infrastructure for tier-one financial institutions.
SEC Plans to Launch Regulatory Incubation Programme For Fintechs
The Securities and Exchange Commission (SEC) has announced plans to launch a regulatory incubation (RI) programme for fintech operating or seeking to operate in the Nigerian capital market.
According to a circular published on the commission’s website on Wednesday, June 16, it says that the initiative will be launched in the third quarter of 2021 and will operate by admitting identified fintech business models and processes in cohorts for a one-year period.
The RI program comprises two phases of participation – an initial assessment phase and the regulatory incubation phase.
The SEC said that the categories to be admitted into each cohort will be determined based on submissions received through the fintech assessment form and communicated ahead of each take-off date.
The circular read: “Review of completed Fintech Assessment Forms will continue on an ongoing basis. FinTechs who consider that there is no specific regulation governing their business models or who require clarity on the appropriate regulatory regime for seeking the authorization of the Commission, are encouraged to complete the Fintech Assessment Form.”
The commission maintained that it designed the RI program in order to address the needs of new business models and processes that require regulatory authorization to continue carrying out full or ancillary technology-driven capital market activities.
It will serve as an interim measure to aid the evolution of effective regulation which accommodates the innovation by fintech without compromising market integrity and within limits that ensure investor protection.
Truecaller Launches Smart SMS Feature in Africa
Truecaller, the world’s most trusted and accurate Caller ID and telephone search engine, is rolling out a new feature to further augment the user experience.
The new feature Smart SMS has been introduced based on user feedback and is designed to cater to the evolving needs of our consumers. It offers a host of new services to make day-to-day communication a lot more convenient.
Smart SMS is powered by state-of-the-art machine learning models that adapt based on the feedback you give it. It supports users with important messages from banks, billers, travel companies, delivery companies and so much more.
Smart SMS also helps users stay protected from spam and fraud. Only the essential information within an SMS is highlighted and all SMS messages are categorised and easily accessible. From keeping track of your expenses to last-minute changes to your travel, Smart SMS is the future of SMS that will make life a whole lot easier.
Commenting on the new addition, Zakaria Abdulkadir Hersi, Director of Business Development & Partnerships Africa at Truecaller said: “Roughly 80% of SMSes one receives daily are from businesses, disengaging users from important/useful messages. To combat that, SMS apps need to become smarter by filtering out spam and categorising useful information.
“At Truecaller, we constantly strive to offer the best user experience by adding unique features that fit in with our core mission: to make communication safer and more efficient for everyone. Truecaller has evolved into a powerful communication hub and for the people who wish to use the app to its fullest, we want to streamline the experience as much as possible for an efficient calling and messaging experience for our end user.”
Truecaller uses the same powerful algorithms used to identify spam callers in SMS as well. The SMS intelligence is built into the app itself and it can work offline – nothing leaves your device, including all OTPs, bank SMSes and financial information.
The feature also offers a Smart Inbox that identifies unknown SMS sender numbers and SMS sender IDs are resolved to business names with logos.
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