Romeo Kumalo, Gil Oved to release details on $200m tech fund in Q1 of 2019

Startups and investors can expect more details of a planned $200-million tech investment fund headed by former Vodacom executive Romeo Kumalo in the first quarter of 2019, says investor and entrepreneur Gil Oved.

It follows a report yesterday by Bloomberg that Kumalo’s new tech-focused SA investment firm LLH Capital — in which Oved serves as COO — aims to raise as much as $200-million in an initial public offering (IPO) next year.

The report said LLH Capital, aims to invest in internet-related businesses and industries such as drones and car tracking and aims to list in both Johannesburg and Mauritius. It said LLH plans to raise a further $250-million to $300-million for a deals fund.

Romeo Kumalo and Gil Oved will release more details of their planned IPO and investment firm in the first quarter of 2019

The report also said Kumalo had teamed up with banker Michael Jordaan. When contacted by Ventureburn via email Jordaan referred all requests for comment to Kumalo, who is the LLH Capital’s CEO.

Oved, who like Kumalo is a former Shark Tank presenter, told Ventureburn today that he could not comment on any of the details of the proposed tech fund or IPO — including when and where it would be held. “All I can say is ‘watch this space’,” he said.

“As you know, both me and Romeo (Kumalo) are passionate about technology and technological development in Africa,” added Oved.

He said LLH would release more details of the IPO and investment firm in the first quarter of 2019.

In an email to Ventureburn Kumalo said: “Unfortunately we are not in a position to comment in any way on the Bloomberg report. They published that information without getting any confirmations from us whatsoever.”

Editor’s note (6 November): This story was subsequently updated to include both banker Michael Jordaan and LLH CEO Romeo Kumalo’s response.

Featured image: Gil Oved (left), with former Bidvest chairman Brian Joffe and Romeo Kumalo (right) (via Facebook)