OpenseedVC, a fresh operator-led fund, has unveiled its $10 million angel-style early-stage fund, with a focus on being the initial investor in seasoned operators launching tech companies across Africa and Europe.
The fund primarily targets investments in the Future of Commerce, Health, and Work sectors, in line with the UN Sustainable Development Goals. It is supported by founders, operators, and high-net-worth individuals (HNIs) from Africa, Europe, and the US, offering starter cheques of up to $150,000 and access to a network of over 50 experienced experts to aid new tech ventures.
This launch addresses a crucial juncture, with global early-stage equity funding experiencing a 54% year-on-year decline and a 45% failure rate for VC investments in the ecosystem. OpenseedVC aims to bridge this gap by backing operator talent with essential resources for success. The fund intends to invest in a minimum of 60 startups over the next five years and welcomes applications from founders through an open application process.
OpenseedVC has already committed its initial investments: an AI-enabled supplier dispute resolution software in the UK and a speech-to-text transcription model catering to underserved accents, particularly in Africa.
Founded by Ms. Maria Rotilu, OpenseedVC concentrates on early investments in seasoned operators venturing into tech entrepreneurship. Rotilu, with a background in scaling tech startups like Uber and Branch and investing in global companies through Octopus Ventures and Oxford Seed Fund, emphasizes the fund’s support for visionaries equipped with domain expertise and innovative solutions.
Ms. Maria Zubeldia, Director of the Entrepreneurship Centre at Saïd Business School, University of Oxford, commended Maria’s journey and the principles embedded in OpenseedVC. The university looks forward to witnessing the fund’s progression.
OpenseedVC will assess applications continuously throughout the year, providing a significant opportunity for early-stage founders across Africa and Europe.
