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OpenseedVC $10million targets companies in Europe and Africa

Saibu Grace by Saibu Grace
May 20, 2024
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OpenseedVC $10million targets companies in Europe and Africa
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The $10 million fund that OpenseedVC, an early-stage venture capital firm established in 2024, targets early-stage companies in Europe and Africa. The fund has reached its first close.

The $10 million fund, OpenseedVC’s first offering, will support startups with domain expertise, underscoring the growing significance of founder experience within the African tech sector. The VC company hopes to complete a second closure by May next year.

Before investing, they ask three main questions: How big is it? Why this team—what’s their unique advantage? And why now?” Maria Rotilu, general partner of OpenseedVC, commented during an interview.

Read also: TotalEnergies Launches resourceful Initiative to Empower 100 Innovative Startups Across Africa in 2024

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OpenseedVC invest in Early-stage Startups with High Growth Potential

With a clear investment strategy, the London-based venture capital firm OpenseedVC concentrates on early-stage firms with significant growth potential. Innovating businesses in various fields, such as B2B software, fintech, digital health, artificial intelligence, and the future of work, will get investments of up to $150,000 from the firm. With this investment strategy, OpenseedVC can help entrepreneurs push beyond technology’s limits and reverse established markets.

By funding two unnamed artificial intelligence startups—one in Nigeria and the other in the UK—OpenseedVC has already proven its investment premise compelling. By making these investments, the company demonstrates its dedication to AI innovation and its readiness to assist companies in every region, from Europe to Africa. OpenseedVC is significantly influencing the direction of technology and entrepreneurship by supporting these forward-thinking businesses.

The most significant factor contributing to startup failure is the founders’ lack of domain experience. Founders who demonstrate an extensive understanding of the market they are entering and the ability to navigate the opportunities and difficulties it brings effectively are given preference by OpenseedVC.

Launched in 2024 by Maria Rotilu, “OpenseedVC operates at a sweet spot where startups with strong potential for success, partly based on the founder’s relevant execution ability, receive support.” The VC firm says its approach ensures that capital is directed towards businesses with a higher likelihood of effectively solving real, scalable, and impactful problems.

Read also: AU, Google partner on #DiscoverMyAfrica shorts challenge

OpenseedVC: Empowering Early-Stage Startups to compete with old industries

African startups seeking to secure capital now have a new option with the introduction of OpenSeedVC. African startups raised approximately $3.2 billion in funding in 2023, a 33% decrease from the previous year.

Although the challenging funding environment particularly hard hits early-stage founders, we think excellent firms are developed in the most arduous macroeconomic environments. With funding and a vast operator network that helps [them] through the founding and introduction of their technological businesses, they want to be the first to invest in these seasoned operators and offer them a tremendous head start; this was stated in a statement by Rotilu 

OpenseedVC states that the founders and their team are supported by a network of more than fifty seasoned operators with extensive knowledge in all its investment industries. The venture capital business aspires to equal amounts in sub-Saharan Africa and Europe. Currently, it invests in both regions.

Tags: OpenseedVC
Saibu Grace

Saibu Grace

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