OpenseedVC hits first close of $10m fund to back operators in Africa
TLDR
- OpenseedVC announces first close of $10 million early-stage fund aimed at supporting operator-launched startups in Africa and Europe.
- General Partner Maria Rotilu confirms first close of the fund, with fundraising ongoing to reach the final $10 million target within 12 months.
- The venture capital firm plans to invest up to $150,000 in startups within sectors like B2B software, artificial intelligence, fintech, digital health, and future of work.
OpenseedVC, a venture capital firm focused on supporting operator-launched startups in Africa and Europe, has announced the first close of its $10 million early-stage fund.
General Partner Maria Rotilu revealed that the first close is "well into the millions," though she did not specify the exact amount. Fundraising efforts are ongoing, and the firm aims to reach the final close of its $10 million fund within the next 12 months.
The London-headquartered firm plans to invest up to $150,000 in startups operating in sectors such as B2B software, artificial intelligence, fintech, digital health, and the future of work. OpenseedVC has already made investments in two undisclosed AI startups based in Nigeria and the UK.
Key Takeaways
A lack of domain expertise among founders has been identified as the leading cause of failure among startups. OpenseedVC prioritizes founders who demonstrate a clear understanding of their market and possess the necessary skills to navigate its challenges and opportunities. OpenseedVC’s approach ensures that capital is directed toward businesses with a higher likelihood of effectively solving real, scalable, and impactful problems. With the launch of OpenseedVC, African startups gain a new funding alternative at a time when investment in the region has declined. In 2023, funding for African startups fell by 33% compared to the previous year, with only about $3.2 billion raised.
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