Economy
OpenseedVC Launches $10m Fund for Seasoned Operators’ Startups
By Adedapo Adesanya
OpenseedVC, a new operator-led fund seeking to be the first investors in seasoned operators starting their technology companies across Africa and Europe, has officially launched, announcing the first close of its $10 million angel-style early-stage fund.
According to a statement, OpenseedVC will also invest mainly in the Future of Commerce i.e., B2B Software, AI and Fintech, Future of Health & Work to align the inherent impact of the portfolio with the UN Sustainable Development Goals.
The fund, backed by LPs such as founders, operators and HNIs across Africa, Europe and the US, will offer up to $150,000 starter cheques, along with access to its robust network of over 50+ seasoned experts, to support the operators just starting their technology companies from zero to one.
With global early-stage equity funding experiencing a significant contraction of as much as 54 per cent year-on-year (-33 per cent YoY in Africa), the OpenseedVC fund offers a much-needed opportunity for operator talent to access the support they need in an ecosystem which has a 45 per cent failure rate for VC investments.
The fund will primarily invest in founders in Africa and Europe and aims to invest in at least sixty start-ups over the next five years and operates 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; the 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.
Founded by Ms Maria Rotilu, whose vision is to invest early in the growing number of experienced operators who aspire to launch their technology companies. She believes that OpenseedVC founders at the earliest stages get much-needed capital and conviction, but also the added benefit of a community of experienced operators to support from start to launch.
Ms Rotilu, an experienced operator turned investor herself, has gained extensive market expertise across both Africa and Europe through scaling multinational technology start-ups like Uber and Branch to millions of users, as Country Manager, and General Manager respectively, as well as investing in global companies as a Principal & Fund Manager of the Octopus Ventures First Cheque Fund. She also served as Managing Director at the Oxford Seed Fund of Oxford University, one of the leading producers of unicorns in Europe.
Speaking on the launch of OpenseedVC Fund, she said, “As an operator, and investor, I have encountered incredibly talented and experienced operators, and the challenges faced as they try to launch their startups. Operators have the advantage of domain expertise and unique insight into large problems that can be tackled with innovative technology. Those who are visionaries coupled with the ability to execute, scale, build teams and have the grit required to solve difficult problems — these skills, especially in the current market, are highly relevant to building technology start-ups that solve real problems and creating scalable value for the global economy and our investors. The experience seasoned operators bring in terms of business building, combined with the dynamism and hustle that founders possess, is the focus for OpenseedVC”
“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,” she said.
Adding her input, Ms Maria Zubeldia, Director of the Entrepreneurship Centre, Saïd Business School, University of Oxford, added, “We are proud to have played a role in Maria’s journey through her time as Managing Director of the Entrepreneurship Centre’s Oxford Seed Fund, which provides MBA students at Saïd Business School the opportunity to gain investment experience.
“Our goal is to foster a supportive ecosystem for exciting early-stage start-ups in which to develop and scale, and it is gratifying to see Maria carry this ethos forward with the launch of OpenseedVC. I look forward to following the development of the fund.’’
All applications to OpenseedVC will undergo the same evaluation process, and investments will be made on a rolling basis throughout the year.
By Modupe Gbadeyanka
The federal government has been asked by the Nigerian Bar Association (NBA) to suspend the implementation of the controversial tax laws.
In a reaction to the tax reform acts, the president of the group, Mr Afam Osigwe (SAN), the suspension of the laws would allow for a proper investigation into allegations of alterations in the gazetted and harmonised copies.
A member of the House of Representatives, Mr Abdussamad Dasuki, alleged that some parts of the laws passed by the parliament were different from the gazetted copy.
To address the issues raised, the NBA said it is “imperative that a comprehensive, open, and transparent investigation be conducted to clarify the circumstances surrounding the enactment of the laws and to restore public confidence in the legislative process.”
“Until these issues are fully examined and resolved, all plans for the implementation of the Tax Reform Acts should be immediately suspended,” the association declared.
It noted that the controversies “raise grave concerns about the integrity, transparency, and credibility of Nigeria’s legislative process.”
“These developments strike at the very heart of constitutional governance and call into question the procedural sanctity that must attend lawmaking in a democratic society,” it noted.
“Legal and policy uncertainty of this magnitude has far-reaching consequences. It unsettles the business environment, erodes investor confidence, and creates unpredictability for individuals, businesses, and institutions required to comply with the law. Such uncertainty is inimical to economic stability and should have no place in a system governed by the rule of law.
“Nigeria’s constitutional democracy demands that laws, especially those with profound economic and social implications, emerge from processes that are transparent, accountable, and beyond reproach. Anything short of this undermines public trust and weakens the foundation upon which lawful governance rests.
“We therefore call on all relevant authorities to act swiftly and responsibly in addressing this controversy, in the overriding interest of constitutional order, economic stability, and the preservation of the rule of law,” the organisation stated.
By Adedapo Adesanya
Demand for hot stocks, including MRS Oil Plc, buoyed the NASD Over-the-Counter (OTC) Securities Exchange by 0.52 per cent on Tuesday, December 23.
The energy company was one of the three price gainers for the session as it chalked up N19.69 to sell at N216.59 per share versus the previous day’s value of N196.90 per share.
Further, FrieslandCampina Wamco Nigeria Plc gained N2.95 to close at N56.75 per unit versus N53.80 per unit and Golden Capital Plc appreciated by 84 Kobo to N9.29 per share from Monday’s N8.45 per share.
Consequently, the market capitalisation went up by N10.95 billion to N2.125 trillion from N2.125 trillion and the NASD Unlisted Security Index (NSI) rose by 18.31 points to 3,570.37 points from 3,552.06 points.
Yesterday, the NASD bourse recorded a price loser, the Central Securities Clearing System Plc (CSCS), which gave up 17 Kobo to close at N33.70 per unit against the previous trading value of N33.87 per unit.
The volume of securities traded at the session went down by 97.6 per cent to 297,902 units from the previous day’s 12.6 million units, the value of securities decreased by 98.5 per cent to N10.5 million from N713.6 million, and the number of deals remained flat at 32 deals.
By value, Infrastructure Credit Guarantee Company (InfraCredit) Plc ended as the most actively traded stock on a year-to-date basis with 5.8 billion units exchanged for N16.4 billion. This was followed by Okitipupa Plc, which traded 178.9 million units valued at N9.5 billion, and MRS Oil Plc with 36.1 million units worth N4.9 billion.
In terms of volume, also on a year-to-date basis, InfraCredit Plc led the chart with a turnover of 5.8 billion units traded for N16.4 billion. Industrial and General Insurance (IGI) Plc ranked second with 1.2 billion units sold for N420.7 million, while Impresit Bakolori Plc followed with the sale of 536.9 million units valued at N524.9 million.
By Dipo Olowookere
It was another bullish trading session for the Nigerian Exchange (NGX) Limited as it closed higher by 0.59 per cent on Tuesday.
The market further rallied due to continued interest in large and mid-cap stocks on the exchange by investors rebalancing their portfolios for the year-end.
Yesterday, Aluminium Extrusion sustained its upward trajectory after it further appreciated by 9.96 per cent to N14.90, as Austin Laz gained 9.81 per cent to close at N2.91, Custodian Investment improved by 9.69 per cent to N38.50, and First Holdco soared by 9.35 per cent to N50.30.
Conversely, Royal Exchange declined by 7.22 per cent to N1.80, Champion Breweries shrank by 6.57 per cent to N15.65, NASCON lost 5.36 per cent to trade at N105.05, Sovereign Trust Insurance depreciated by 5.28 per cent to N3.77, and Japaul went down by 4.51 per cent to N2.33.
At the close of business, 29 shares ended on the gainers’ table and 27 shares finished on the losers’ log, representing a positive market breadth index and bullish investor sentiment.
This raised the All-Share Index (ASI) by 895.06 points to 153,354.13 points from 152,459.07 points and lifted the market capitalisation by N579 billion to N97.772 trillion from the previous day’s N97.193 trillion.
VFD Group finished the day as the busiest stock after it recorded a turnover of 192.0 million units worth N2.1 billion, GTCO exchanged 63.5 million units valued at N5.6 billion, Access Holdings traded 49.8 million units for N1.0 billion, First Holdco sold 45.8 million units valued at N2.3 billion, and Secure Electronic Technology transacted 38.3 million units worth N28.4 million.
In all, market participants bought and sold 677.4 million units valued at N20.8 billion in 27,589 deals compared with the 451.5 million units worth N13.0 billion traded in 33,327 deals on Monday, showing an improvement in the trading volume and value by 50.03 per cent and 60.00 per cent apiece, and a shortfall in the number of deals by 17.22 per cent.
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