Seedstars Africa Ventures appoints new partner to support more founders on the continent

Seedstars Africa Ventures, the pan-African seed fund for startups, has appointed Bruce Nsereko-Lule as its new general partner, to help deploy more capital and provide much-needed technical services support for founders across the continent.

Seedstars Africa Ventures - part of the Seedstars Group, a globally active accelerator and venture capitalist in over 30 emerging markets - provides seed capital of up to $2 million in seed and series A. The fund counts French investment firm LBO France among its limited partners and has, to date, invested more than $5 million in five startups, including Kenyan ISP Poa Internet and Nigerian network management SaaS for electrical distribution utilities Beacon Power Services, since its inception. in 2020.

The fund, which plans to deploy more capital over the coming months, will leverage Nsereko-Lule's extensive experience and the networks he has acquired over the years as an active venture capitalist in Africa.< /p>

Nsereko-Lule told TechCrunch that his focus in the fund will be to help him make big investments on the continent and provide seed and follow-on funding to cushion startups and help them create and to develop businesses.

"We're going to do a first check and basically we'll lead the way. And then we'll continue to fund until the company has achieved appropriate growth, and probably reached profitability and has opportunities. exit and expansion," said Nsereko-Lule, who joined Tamim El Zein, and Maxime Bouan, the fund's other general partners.

"In doing so, we are providing more funding to local founders and trying to stop this constant fundraising loop that founders find themselves in. The support is intended to help them spend all of their time building the company."

Seedstars Africa V between general partners (from left to right) Tamim El Zein, Bruce Nsereko-Lule and Maxime Bouan. Image credits: Seedstars Africa Ventures

Prior to joining the fund, Nsereko-Lule was formerly the founding investment director of Chandaria Capital, a Kenya-based venture capital fund founded in 2017 to serve as an investment vehicle for Chandaria Industries. He had previously worked as an investment banker in the UK

Chandaria Capital has supported 38 startups

While at Chandaria Capital, Nsereko-Lule claims to have invested millions of dollars in 38 startups, starting in Kenya before entering other African and emerging markets in South America and Asia.

By the end of its tenure, the independent industry fund had completed 52 deals (including follow-on investments) with startups such as Tushop, Jumba, Wasoko, Kobo360, TradeDepot, Carry1st, Shara and Chari.

"I was in charge of operations, and it was...