OpenseedVC, a new operator-led fund seeking to invest in tech startups across Africa and Europe, has officially launched after closing its $10M.
OpenseedVC will also invest mainly in the Future of Commerce i.e., B2B Software, AI and Fintech, Future of Health & Work with a goal to align the inherent impact of the portfolio with the UN Sustainable Development Goals.
Founded by Maria Rotilu, OpenseedVC will invest in at least six early stage founders in Africa and Europe over the next five years on an open application process so founders can apply without an introduction. The fund has made its first two investments in the Future of Commerce and Health themes, first is an AI-enabled supplier dispute resolution software in the United Kingdom and the second is a foundational speech to text transcription model for underserved accents, starting with Africa.
According to OpenseedVC Fund, Maria Rotilu, “The current difficult fundraising climate is especially harsh for early-stage founders, but we believe incredible companies are born in the most difficult macroeconomic climates. We want to be first believers in these experienced operators to give a great head start, with capital and an extensive operator network that support from start to launch of their technology companies”
Maria is a former Uber and Branch Country Manager, and General Manager respectively, and former Principal & Fund Manager of the Octopus Ventures First Cheque Fund, former Managing Director at the Oxford Seed Fund of Oxford University, one of the leading producers of unicorns in Europe.
Global ecosystem data reveals that up to 9 out of 10 start-ups fail, with the lack of necessary expertise and business acumen of founders identified as a major contributing factor. This has in part led to a 45% failure rate for VC investments. OpenseedVC operates at a sweet spot where start-ups with strong potential for success, partly based on the founder’s relevant execution ability, receive support.