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Black Ostrich Ventures, a Los Angeles-based VC firm, has launched a USD 20 M pre-seed and seed-stage fund to support African startups in the cleantech, supply chain, ag-tech, and edtech sectors. The newly created firm will support startups with check sizes ranging from USD 50 K to USD 200 K. The fund, backed by LPs in New York and undisclosed high-net-worth individuals in Los Angeles, will be focusing on startups in Tanzania, Zambia, Morocco, and Uganda.
In addition to the first checks, the firm will offer a follow-on investment of up to USD 1 M if the company reaches Series A. “We will be working with founders in a very unusual way. We’re going to surround founders with growth experts and marketing experts to help them grow their businesses. It’s one thing to be great at starting a company, understanding the marketing aspect of the business is another,”Windsor-Areago, General Partner of Black Ostrich Ventures.