LLH Capital significantly sells down its Optasia stake

LLH Capital, led by Romeo Kumalo and Gil Oved, shareholders in King Supreme, has sold down a significant portion of its long-held stake in AI fintech Optasia during its JSE listing. The near-$1.3 billion listing is the largest IPO in Africa in 2025, highlighting the appeal of technologies that promote financial inclusion in emerging and frontier markets.

This sell down marks another milestone in Kumalo and Oved’s track record of high-impact investments and successful exits through various funds and investment vehicles. These have included ventures like Smart Call, Ozow, Publicis Groupe Africa, Sendmarc, Flow Living, and Bottles (acquired by Pick n Pay in 2020). 

With capital unlocked from the Optasia sell down and additional investor backing, LLH Capital is poised to scale its investment footprint across emerging and frontier markets. The entity targets high-growth potential, founder-led businesses with a focus on financial services and telecommunications, sectors that are undergoing rapid transformation driven by demographic shifts, digital innovation and the rise of AI. 

Focus on active investment

“Our model is largely built on active investment,” said Romeo Kumalo, co-founder of LLH Capital. “We don’t just deploy capital. We create exceptional returns by working to grow the businesses we invest in, enabling value creation by bringing operational and strategic support to help businesses scale. This approach delivers superior risk-adjusted returns while driving inclusive growth across the continent.” 

Kumalo and Oved see a convergence between financial services and telecommunications as a key opportunity for innovation. As AI drives digital penetration and Africa’s youthful population reshapes consumer demand, entrepreneurs are responding with tech-driven solutions, but scaling these ventures requires more than funding. 

Unique capabilities

“Challenger businesses, like Optasia, are solving real problems in emerging and frontier markets,” said Gil Oved, co-founder of LLH Capital. “Businesses ready for investment need capital, yes, but they also need strategic leadership, structure, and access to networks. That’s where we come in. We identify scalable models, support their growth, and position them for acquisition or partnership.”

With deep experience in both corporate and entrepreneurial environments, Kumalo and Oved bring a unique blend of insight and know-how. Their shared investment portfolio over the past decade reflects a disciplined approach to emerging market investing, consistently delivering strong risk-adjusted returns for partner investors.