In a bid to bolster innovation and entrepreneurship across the African continent, Black Ostrich Ventures, a prominent venture capital firm based in Los Angeles, has unveiled a new pre-seed and seed-stage fund worth $20 million. The fund is specifically dedicated to supporting startups in the fields of cleantech, agtech, and edtech.
In an official statement provided to TechCabal, the VC firm outlined its commitment to fostering growth and innovation in Africa’s burgeoning tech ecosystem. Black Ostrich Ventures is set to offer financial support to startups with investment checks ranging from $50,000 to $200,000. This strategic move aims to empower emerging businesses in the African tech landscape.
Backing this substantial fund are a group of limited partners (LPs) based in New York, along with undisclosed high-net-worth individuals in Los Angeles, who share Black Ostrich Ventures’ vision for promoting tech entrepreneurship on the African continent.
The fund’s geographical focus will be directed towards startups operating in Tanzania, Zambia, Morocco, and Uganda. This strategic selection of countries stems from the belief that potential exit opportunities and deal activities in these regions have been somewhat overlooked by the mainstream venture capital community.
Ajani Windsor-Areago, the General Partner of Black Ostrich Ventures, elaborated on the rationale behind this targeted approach during a call with TechCabal. He emphasized that while capital inflows into the African VC space predominantly gravitate towards the “Big Four” countries, namely Nigeria, South Africa, Egypt, and Kenya, a substantial portion of successful exits and deal closures tend to occur outside of these primary markets.
Mr. Windsor-Areago explained, “If you look at the capital inflows into VC in Africa, the Big Four countries attract all the capital. But most exits do not happen in these markets.” This observation underscores the untapped potential and promising opportunities that lie in these underserved regions, which Black Ostrich Ventures is keen to nurture and support through its dedicated fund.
The launch of this $20 million fund represents a significant step in the direction of fostering innovation and technological advancement across Africa, with a particular emphasis on sustainable and transformative sectors such as cleantech, agtech, and edtech. As the African tech ecosystem continues to evolve, initiatives like this hold the promise of driving economic growth, job creation, and innovation on the continent. Black Ostrich Ventures is poised to play a pivotal role in nurturing the next generation of African tech success stories.
Photo Source: Google
10th September, 2023
By: Delino Gayweh
Serrari Financial Analyst
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