Fund manager (General Partner), AVCA member, Nigeria. Assets under management: ≈ USD 237m.
Based on observed investment behaviour: 6 recorded deals
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Describe your need: the target list shows, for each source of capital, why it fits and which deals prove it.
Criteria published by the fund, recorded and checked by Invest Matching.
* added from its deals
Recent public deals: they say better than a thesis what the fund actually signs.
Activity : Payments and mobile money
Nomba, a Nigerian fintech that enables businesses to collect payments and access banking services, has raised a $3 million debt facility through CardinalStone Finance Company Limited, the financing arm of CardinalStone Group.
Source : techcabal.com
Activity : Off-grid solar and solar kits
Nigeria’s Arnergy Raises $18M to Scale Solar Lease Plans as Fuel and Grid Costs Soar.
Co-investors All On, Breakthrough Energy Ventures, British International Investment, EDFI Management Company, ElectriFI, Norfund
Source : launchbaseafrica.com
Co-investor alongside Sahel Capital
Activity : Food processing
Vehicle : FAFIN
Crest Agro processes cassava into food-grade starch for industrial users in Nigeria and West Africa.
Why they invested
Source : sahelcapital.comN1 · Primary source
Activity : Clinics and hospitals
Instrument : Participation de CardinalStone Capital Advisers Growth Fund (portefeuille déclaré à l'IFC au 1er janvier 2025) · Vehicle : CardinalStone Capital Advisers Growth Fund
Afya Care operates in hospital and clinic services in Nigeria.
Source : disclosures.ifc.orgN1 · Primary source
Activity : Fintech infrastructure (APIs, open banking, BaaS)
Instrument : Participation de CardinalStone Capital Advisers Growth Fund (portefeuille déclaré à l'IFC au 1er janvier 2025) · Vehicle : CardinalStone Capital Advisers Growth Fund
Appzone develops technology solutions for digital financial services in Nigeria.
Source : disclosures.ifc.orgN1 · Primary source
Activity : Commercial & industrial energy
Instrument : Participation de CardinalStone Capital Advisers Growth Fund (portefeuille déclaré à l'IFC au 1er janvier 2025) · Vehicle : CardinalStone Capital Advisers Growth Fund
Arnergy provides renewable solar energy solutions to businesses and other users in Nigeria.
Source : disclosures.ifc.orgN1 · Primary source
CardinalStone invests tickets ranging from 3 M$ to 18 M$, across the following sectors: Financial services, Healthcare, Retail & distribution, Education, Agribusiness, Energy, and Fintech, in the following areas: Nigeria and Ghana. Check in 30 seconds whether your company fits these criteria.
