The news:
- OpenseedVC, a venture capital firm that plans to support operator-launched startups in Africa and Europe with their first investment, has announced reaching the first close of its $10 million angel-style, early-stage fund.
- Maria Rotilu, a General Partner at OpenseedVC, noted that “the first close is well into the millions and fundraising is still in progress,” but didn’t confirm how much exactly.
- The investment firm expects to reach the final close of its $10 million fund within 12 months.
When Rotilu founded OpenseedVC in 2024, the goal was to support experienced operators looking to launch their technology companies.
OpenseedVC guarantees that it will provide these founders with capital, early-stage conviction, and the support of a community of experienced operators, which currently includes over 50 people.
In a conversation with a publication, Rotilu explained, “If you’re supporting operators that have identified a problem and are making the leap into building their technology, you’ve likely recognised a common challenge: the need for capital and guidance from other experienced individuals.”
To address this, the founder said OpenseedVC will focus on improving the operator network in four key areas: software engineering, product, go-to-market, and talent.
OpenseedVC's operator network is made up of people whom the founder has worked with or referred to.
The fund also has limited partners, including founders, professionals from traditional and tech businesses, and high-net-worth individuals from Africa, Europe, and the United States.
Over the next five years, OpenseedVC plans to invest in over 60 startups focused on commerce (such as B2B software, AI, and fintech), productivity, and digital health. Each recipient will receive a check of up to $150,000.
The early-stage fund will adopt an open application process, allowing founders to apply without needing an introduction.
So far, the fund has invested in two companies, one of which is a speech-to-text transcription model for underserved accents, starting with Africa.
Written by Omoruyi Edoigiawerie, a seasoned startup attorney with over a decade of experience. Learn more.
OpenseedVC is prioritising portfolio diversification in future investments to ensure that women have the opportunity to participate.
“There are very few female-led funds globally, and we have a specific perspective on what a diversified portfolio should look like. We focus on diversification across geography, industry, and gender,” Rotilu noted.
The early-stage VC firm plans to apply a gender lens to its portfolio strategy, striving for a 50/50 balance in co-founding teams.
