Former Apple CEO To Invest In Early-Stage Startups in Africa

In a report by Techmoran ,John Sculley, a former VP and president of Pepsi-Cola and CEO of Apple and once’s Silicon Valley’s top-paid executive has announced the launch of Obi Ventures to invest in startups in the emerging markets.

Speaking at a fireside chat that the iHub in Nairobi, where he was unveilling his Obi Mobiles, an affordable brand of Android-powered smartphones for emerging markets. Sculley said,” We have launched Obi Ventures to invest in early stage startups but we shall be higly selective.”

Read more:$26.9 million invested in African Startups in 2014

Sculley didn’t mention the sectors Obi Ventures will target but from the look of things financial inclusion and e-commerce, logistics, payments, health and edtech startups will top the list. The amount to be invested and the place it will be based is yet to be known.

Sculley, who launched his Obi Mobiles recently in India is targeting the huge growing emerging markets in Africa, Latin Aerica, India and Middle East where he said people buy more than one phones in a year compared to Americans who buy a phone after two years due to contracts with mobile network operators.