Kepple Africa Ventures has announced that it plans to pull out from it’s investment in fintech company Wapi Pay. This is after the founders, brothers Eddie Ndichu and Paul Ndichu, were caught on camera allegedly assaulting a woman at Emara Ole Sereni.
The Kepple Africa pull out was announced on Twitter and LinkedIn by General Partners Satoshi Shinada and Takahiro Kanzaki. The notice also appears on the company’s website. In a post, Satoshi said that the company has zero tolerance on the kind of conduct that the Ndichu brothers have been accused of. He further stated that the company will relinquish all the rights of Kepple Africa’s investment in Wapi Pay.
In light of the alleged assault on women by the founders of our portfolio company Wapi Pay, we Kepple Africa Ventures hereby announce that we have zero tolerance on such conduct and announce that we will relinquish all the rights of our investment stake in Wapi Pay.
— Satoshi Shinada (@KeppleNigeria1) October 18, 2021
Kepple Africa is an early stage venture capital fund that is focused on Africa. Founded by Ryosuke Yamawaki and Takahiro Kanzaki in December 2018, Kepple Africa Ventures has offices in Nairobi and Lagos and makes seed investments of between US$50,000 and US$150,000 in early stage tech startups in Africa.
The company has invested in 96 companies in 11 countries. Other than Wapi Pay, the company has invested in other Kenyan companies such as Ongair, Sendy, and Mawingu Networks.
Although the notice of their divestment from Wapi Pay also appears in their company, the logo for Wapi Pay is still on their website on their portfolio companies page.
— The People's Watchman (@bonifacemwangi) October 18, 2021
Wapi Pay, which recently raised Ksh. 239 Million in pre-seed funding, has been working a solution to scale up global payments and remittances between Africa and Asia. Wapi Pay boasts of quite a few investors that include EchoVC, MSA Capital, Kepple Africa Ventures, Future Hub, Gobi Ventures and Transsion Holding.
The other investors have yet to comment on the alleged incident by the Ndichu brothers and whether they will any take action.