Celebrating Maria Rotilu's Success: Europe’s First Black Solo GP Reaches $10M Fund Milestone!

Maria Rotilu Announces First Close of $10M Openseed Fund

Maria Rotilu, the pioneering founder of Openseedvc, has made history as Europe’s first Black solo General Partner (GP). Formerly with Octopus Ventures and the Oxford Seed Fund, Rotilu is now spearheading her own fund, Openseed, aimed at investing in operator-led startups across Europe and Africa. The fund has achieved its first close at 30% of its minimum fund size, with an ambitious target of $10 million.

Trailblazing Achievements

Rotilu stands out not only as Europe’s first Black solo GP but also as one of the few female solo GPs in the region. Her innovative approach focuses on investing even earlier than pre-seed stages, supporting founders who are on the brink of leaving their current jobs to pursue their entrepreneurial visions.

“There’s a huge gap for that kind of investment,” says Rotilu, particularly for startups founded by former operators. This strategy is vital in both Europe and Africa, where successful startup alumni from companies like Andela, Paystack, Monzo, Spotify, and Revolut are branching out to create new ventures.

Strategic Investment Focus

Openseed's investment strategy zeroes in on three broad sectors: the future of commerce, health, and work. Rotilu places significant emphasis on the founding team, prioritizing those with a clear, forward-looking vision for the next eight to ten years, underpinned by solid principles. She looks for founders who are compelling storytellers, attract top talent, and possess domain expertise. Second-time founders, with their refined go-to-market strategies, also catch her eye.

Openseed plans to write checks up to $150,000 for about a 5% stake in each company, aiming to support around 60 companies over five years, typically without follow-on investments.

A Vision for Africa

Rotilu’s dual focus on Europe and Africa sets Openseed apart from many European venture capital firms. Although not yet a common strategy, investing in African startups is gaining traction, with firms like Partech, Norrsken Foundation, Satgana, Speedinvest, and LocalGlobe also joining the movement. Rotilu's fund appeals to Limited Partners (LPs) eager to expand their portfolios to include startups from both continents. Her backers include founders, operators, and high-net-worth individuals from the US, Europe, and Africa.

So, well done, Maria!