Seedstars Africa Ventures, the pan-African early-stage fund for startups, has appointed Bruce Nsereko-Lule as its new general partner, to help it deploy more capital and provide the much-needed technical support for founders across the continent.
Seedstars Africa Ventures — which is part of Seedstars Group, an accelerator and VC that is active globally in more than 30 emerging markets — provides early-stage capital of up to $2 million in seed and Series A rounds. The fund counts the French equity firm LBO France among its limited partners, and has, so far, invested over $5 million in five startups, including Kenya’s ISP Poa Internet and Nigeria’s grid management SaaS for electricity distribution utilities Beacon Power Services, since it was founded in 2020.
The fund, which plans to deploy more capital over the next few months, will tap Nsereko-Lule’s vast experience, and the networks he has gained over the years as an active venture capitalist in Africa.
“We will be putting in an initial check and basically, we will lead the round. And then we will keep funding until the business has reached proper growth, and probably hit profitability and has opportunities to exit and further scale,” said Nsereko-Lule, who has joined Tamim El Zein and Maxime Bouan, the fund’s other general partners.