Business
OpenseedVC, an early-stage venture capital firm founded in 2024, has reached the first close of its $10 million fund for early-stage startups in Africa and Europe.
This $10 million funding is OpenseedVC’s first and will be used to support founders with domain expertise, highlighting the growing importance of founder experience in the African tech ecosystem. be done. The company expects to reach a second closing by May next year.
“Before investing, we tend to ask three main questions: How big is it? Why this team, what is their unique advantage? And why now?” Maria Rotilu, general partner at OpenseedVC, told TechCabal.
The London-headquartered VC firm will invest up to $150,000 in startups across B2B software, artificial intelligence, fintech, digital health, and the future of work. The firm has already invested in two privately held artificial intelligence startups in Nigeria and the UK.
Founders lack domain expertise Identified As a leading cause of startup failure, OpenseedVC prioritizes founders with a clear understanding of the market they are entering and the skills to navigate the challenges and opportunities that market presents.
Founded in 2024 by Maria Rotilu, “OpenseedVC operates in a sweet spot where startups with a high chance of success receive support, based in part on the founder’s ability to execute well.” VC firm says its approach ensures funding is directed to companies that are more likely to effectively solve real, scalable and impactful problems.
The launch of OpenSeedVC provides a new option for African startups looking to raise funding. In 2023, funding for African startups decreased by 33% from the previous year, with African startups raising only about $3.2 billion.
“While the current difficult funding environment is particularly challenging for early-stage founders, we believe that great companies are born in the most difficult macroeconomic environments. We want to be the first to offer our experienced operators. [them] With capital and an extensive network of supporting operators, you’re off to a great start. [them] From inception to launch of a technology company,” Lotil said in a statement.
OpenseedVC claims to have a network of over 50 experienced operators with extensive experience across investment sectors, supporting founders with their teams. His VC firm, which currently invests across Europe and sub-Saharan Africa, says he hopes to have a balanced portfolio across both regions in the future.
Source of this program
“I like that the ingredients are big!!”
“OpenseedVC, launched by Maria Rotilu in 2024, operates in a sweet spot where startups with strong potential for success receive support, based in part on the founders’ ability to execute well. ” The…”
Source: Read more
Source link: https://techcabal.com/2024/05/20/early-stage-vc-firm-openseedvc-launches-with-a-10-million-fund-for-african-startups/
