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OpenseedVC Launches $10 Million Fund to Support Tech Startups in Africa and Europe

Blessing Joseph by Blessing Joseph
May 21, 2024
in Business, News
0
OpenseedVC Launches $10 Million Fund to Support Tech Startups in Africa and Europe
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OpenseedVC, a new operator-led fund, has launched its $10 million angel-style early-stage fund, aimed at being the first investor in seasoned operators starting tech companies across Africa and Europe. 

OpenseedVC plans to invest primarily in the Future of Commerce, Health, and Work sectors, aligning with the UN Sustainable Development Goals. The fund, backed by founders, operators, and high-net-worth individuals (HNIs) from Africa, Europe, and the US, will provide up to $150,000 in starter cheques and access to a network of over 50 seasoned experts to support new tech ventures.

The launch comes at a critical time, with global early-stage equity funding down by 54% year-on-year and a 45% failure rate for VC investments in the ecosystem. OpenseedVC aims to fill this gap by supporting operator talent with the resources needed to succeed. The fund plans to invest in at least 60 startups over the next five years and maintains an open application process for founders.

OpenseedVC has already made its first two investments: an AI-enabled supplier dispute resolution software in the UK and a speech-to-text transcription model for underserved accents, starting with Africa.

Founded by Ms. Maria Rotilu, OpenseedVC focuses on early investments in experienced operators aspiring to launch their tech companies. Rotilu, an experienced operator turned investor, has a background in scaling tech startups like Uber and Branch and investing in global companies through Octopus Ventures and Oxford Seed Fund.

“As an operator and investor, I’ve seen the challenges talented operators face in launching startups. They have domain expertise and insights to solve large problems with innovative technology. Our fund supports these visionaries with the capital and network they need to build scalable value for the global economy,” said Ms. Rotilu.

Ms. Maria Zubeldia, Director of the Entrepreneurship Centre at Saïd Business School, University of Oxford, added, “We are proud of Maria’s journey and the ethos she carries forward with OpenseedVC. We look forward to following the fund’s development.”

OpenseedVC will evaluate applications on a rolling basis throughout the year, offering a significant opportunity for early-stage founders in Africa and Europe.

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