Bellatrix Investment Managers has launched the Ndjaba Seed Fund, a $10 million venture capital vehicle aimed at supporting early-stage startups across Southern Africa, as the region continues to face significant funding gaps at the seed and pre-seed stages.

The fund will invest in between 35 and 50 startups over a ten-year horizon, with a focus on high-growth sectors including fintech, agritech, healthtech, education, clean energy, e-commerce, and enterprise software.

Bellatrix says the Ndjaba Seed Fund is designed specifically to address this imbalance by increasing access to early-stage capital for founders outside established tech hubs.

“Southern Africa has a strong pipeline of entrepreneurs with the potential to build impactful businesses. However, access to early-stage capital remains limited. The Ndjaba Seed Fund is designed to bridge this gap by providing both funding and the support needed to scale,” Managing Director Jesaya Hano-Oshike said.

Addressing a Persistent Early-Stage Funding Gap

The name “Ndjaba”, derived from the Oshiwambo word for “elephant”, symbolises strength, scale, and long-term resilience, qualities the fund says it wants to embed in the startups it supports.

The launch comes against the backdrop of a structural financing challenge in Africa’s startup ecosystem, where early-stage companies continue to struggle for capital.

According to TechCabal Insight’s State of Tech in Africa 2025 report, startups raising below $1 million accounted for just 2 per cent of total venture capital deployed across the continent in 2025.

The situation is even more constrained in Southern Africa, where a large share of the region’s estimated $933 million in startup funding is concentrated in South Africa, leaving markets such as Namibia and neighbouring countries underfunded.

Investment Strategy and Ticket Sizes

Bellatrix Investment Managers said the fund will deploy capital across pre-seed and seed-stage startups, with initial investments ranging from $25,000 to $100,000 for pre-seed companies, and $100,000 to $350,000 for seed-stage startups.

In select cases, investment tickets may reach up to $500,000, with additional capital reserved for follow-on funding in high-performing portfolio companies.

While the fund will primarily operate through equity investments, Bellatrix said it will also offer flexible instruments such as convertible debt and Simple Agreements for Future Equity (SAFEs), depending on the needs of each startup.

The fund is being structured to raise and deploy its $10 million capital base progressively, allowing it to build a performance track record before scaling future venture vehicles.

From Debt Financing to Venture Capital Expansion

Founded in 2020 in Windhoek, Namibia, Bellatrix Investment Managers has primarily focused on SME financing through debt instruments, concessional funding, and impact-driven investment strategies.

The firm said it has deployed more than $30 million in financing to over 500 businesses across Southern Africa over the past five years.

The Ndjaba Seed Fund represents its first dedicated venture capital vehicle, marking a strategic shift towards equity-based startup investment alongside its existing funding models.

Beyond funding, the Ndjaba Seed Fund will provide operational and strategic support to portfolio companies, including governance advisory, business model development, mentorship, and access to investor and corporate networks.

The fund will also leverage the Basecamp Business Incubator ecosystem to support startups with training, mentorship, and investor readiness programmes.

This blended approach, Bellatrix says, is designed to improve the survival rate of early-stage companies in a region where access to capital alone has historically not been enough to guarantee scale.

Early Founder Engagement Underway

According to Hano-Oshike, the fund is already engaging with founders through existing networks ahead of a formal application process expected to launch soon.

The focus, he said, is on identifying startups with strong fundamentals and regional scalability potential, particularly those operating in underserved markets across Southern Africa.

With the launch of the Ndjaba Seed Fund, Bellatrix Investment Managers is positioning itself within a growing movement of African investment firms seeking to close early-stage funding gaps outside traditional tech hubs.

Experts say the fund could play a key role in unlocking a new generation of startups across Southern Africa, where innovation potential remains high but access to risk capital continues to lag behind other regions.

Talking Points

It is significant that Bellatrix Investment Managers is entering the venture capital space with a dedicated seed fund, addressing one of the most persistent constraints in Southern Africa’s startup ecosystem, which is access to early-stage capital.

This move positions the Ndjaba Seed Fund as more than just a financing vehicle, but as a potential enabler of regional innovation across markets that have historically been underserved by mainstream venture capital.

At Techparley, we see this as part of a broader shift where African investment firms are moving beyond debt financing into structured venture capital models that can better support startup growth and scale.

The fund’s focus on pre-seed and seed-stage startups, particularly in sectors like fintech, agritech, and clean energy, reflects a deliberate strategy to back foundational businesses in economies where informal and early-stage enterprises dominate.

As the fund deploys capital over time, there is an opportunity to strengthen not just funding access but also startup readiness through its incubator partnerships and operational support systems.

With the right execution, the Ndjaba Seed Fund could play a meaningful role in reshaping the early-stage investment landscape in Southern Africa by backing founders who have historically been overlooked by traditional capital flows.

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