Europe’s First Black Solo GP Reaches First Close Of $10M Fund For Operator-Led Startups In Africa And Europe

OpenseedVC has reached the first close of its $10 million fund for operator-led startups in Africa and Europe.

Founded by former Octopus Ventures and Oxford Seed Fund investor Maria Rotilu, OpenseedVC is a new solo General Partner (GP) that aims to be the first check for startups.

OpenSeedVC: Filling a Crucial Funding Gap

According to Sifted, Rotilu is Europe’s first Black solo GP and one of the first female solo GPs in the region. 

Rotilu’s strategy with OpenseedVC is to back startups even earlier than the pre-seed stage, at a point when founders might still be holding other jobs but are ready to “take the leap to start building” their idea, Rotilu told Sifted. 

“There’s a huge gap for that kind of investment,” she noted, particularly for companies founded by former startup operators. 

OpenseedVC plans to write checks of up to $150,000 for around a 5% stake in each company. The fund, which has reached the first close of its $10 million goal, aims to invest in approximately 60 companies over the next five years, typically without following on. 

TechCrunch reports that the fund’s focus includes the future of commerce, future of work, and digital health, with an open application process that allows founders to apply without needing an introduction.

Building a Strong Operator Network

A crucial part of OpenseedVC’s approach is leveraging a network of seasoned operators to support new founders. Rotilu has built a community of more than 50 individuals, many of whom are people she has worked with or received referrals for. 

This network provides founders with valuable expertise in software engineering, product development, and go-to-market strategies.

“We focus on enhancing the operator network in four key areas,” Rotilu told TechCrunch. “Firsthand experience is what we optimize for across software engineering, product, go-to-market, and people and talent.” 

This support system is designed to address common challenges operators face, such as the need for capital and guidance from experienced individuals.

Commitment to Diversity and Impact

OpenseedVC is committed to supporting a diverse range of founders and creating impactful solutions. 

“We are driven by pure merit,” Rotilu wrote on LinkedIn. “Our goal is to back the most experienced operators and builders as first investors, especially at a time when the need to build truly groundbreaking and impactful solutions is critical.”

The fund’s unique approach has already garnered interest from a variety of backers, including founders, operators, and high-net-worth individuals based in the US, Europe, and Africa. 

OpenseedVC’s first two investments include a stealth UK-based AI-enabled supplier dispute resolution software and Intron, a speech-to-text transcription model for underserved accents starting with Africa. 

Rotilu’s extensive experience

Before launching OpenseedVC, Rotilu held significant roles as a country manager at Uber and general manager at a branch in Nigeria, where she helped tech companies scale to millions of users. 

She later pursued an MBA at Oxford, serving as managing director at the Oxford Seed Fund. 

Additionally, she gained valuable experience at Hustle Fund in the US and as a principal at Octopus Ventures, one of Europe’s largest funds.

Image credit: Sifted