Monaghan leaves insurer Old Mutual’s venture arm

Tramayne Monaghan has stepped down from his role as chief venture officer at Next176, the venture building and investment arm of South Africa-headquartered insurer Old Mutual.

A GCV Emerging Leader, Monaghan joined Next176 in June 2023 and was responsible for ideating, building and investing in startups that generate returns as well as have a profound social impact on lives in Africa by focusing on segments such as jobs, education, sustainability, dent management and health.

Monaghan was previously head of investment company Transaction Capital’s technology team. Prior to that, he served as chief innovation officer at Tencent Africa.

Next176 was set up in 2021 with a R300m ($17.5m) commitment from Old Mutual. It is currently in the process of raising its second fund. The unit is also focusing on expanding its reach across Africa – buoyed by Old Mutual’s presence in 13 countries on the continent.

Monaghan did not disclose his next move.