OpenseedVC, a new operator-led fund, officially launched and announced the first closure of its $10 million angel-style early-stage fund.
The fund aims to be the first investor in seasoned operators establishing their technology startups across Africa and Europe.
The fund, supported by LPs including innovators, operators, and HNIs in the US, Europe, and Africa, will provide up to $150,000 in startup checks to operators launching their technology businesses from scratch.
In addition, they will have access to the fund’s extensive network of more than fifty seasoned professionals. In addition, OpenseedVC will primarily invest in the Future of Work, AI and Fintech, B2B Software, and Future of Health & Commerce to coordinate the portfolio’s intrinsic effects with the UN Sustainable Development Goals.
General Partner Maria Rotilu the founder of OpenseedVC, intends to provide early capital to the increasing number of seasoned operators who want to start their digital businesses.
According to Maria, early-stage OpenseedVC founders not only receive much-needed funding and confidence, but they also have access to a network of seasoned operators who can help them throughout the entire launch process.
With an open application process allowing founders to apply without an introduction, the fund will largely invest in founders from Africa and Europe. Over the next five years, it hopes to invest in at least sixty start-ups.
As a former operator who is now an investor, Rotilu has scaled international technology start-ups like Uber and Branch to millions of users in her roles as country manager and general manager, respectively. She has also invested in global companies as a principal and fund manager of Octopus Ventures First Cheque Fund.
Rotilu has broad market expertise in both Africa and Europe. In addition, Maria held the position of Managing Director of Oxford University’s Oxford Seed Fund, which is among the top unicorn creators in Europe.
The fund has made its first two investments in the Future of Health and Commerce themes: the first is a speech-to-text transcription model that is the foundation for underserved accents, starting with Africa, and the second is an AI-enabled supplier dispute resolution software in the United Kingdom.
Maria Rotilu remarks, “As an operator, and investor, I have encountered incredibly talented and experienced operators, and the challenges faced as they try to launch their startups. Operators have the advantage of domain expertise and unique insight into large problems that can be tackled with innovative technology. Those who are visionaries coupled with the ability to execute, scale, build teams, and have the grit required to solve difficult problems — these skills, especially in the current market, are highly relevant to building technology start-ups that solve real problems, and creating scalable value for the global economy and our investors. The experience seasoned operators bring in terms of business building, combined with the dynamism and hustle that founders possess, is the focus for OpenseedVC.”
The fund is accessible to:
Domain experts / Seasoned operators at high-growth technology companies, including first-time founders.
Second-time founders who’ve built and exited a previous start-up.
Every proposal submitted to OpenseedVC will go through the same assessment process, and throughout the year, investments will be made on a rolling basis.
OpenseedVC is currently accepting applications. Interested startups can visit the website to learn more and submit an application.
Read more on Tech Gist Africa:
Accion launches $152.5 million Digital Transformation Fund to help small businesses expand
Saviu Ventures, a Francophone Africa-focused VC firm, has raised $13 million in its first fund-close
Novastar Ventures, a pan-African VC firm, has raised $80 million