Achieving strong founder-market fit is widely considered one of the most critical determinants of a startup’s ultimate success, and experienced operators—individuals deeply involved in the day-to-day functions of a business—who transition into founder roles possess a unique, almost unfair advantage in realizing this fit. Research indicates that a lack of operational expertise and fundamental business acumen in founders frequently contributes to failed venture capital investments.
This principle extends to operator VCs, which are investment firms typically launched by former startup founders or seasoned operators. While there is no single, conclusive proof that operator VCs generate inherently superior returns, recent industry research strongly suggests that founders and operators who transition into venture capital roles are measurably more successful in selecting and backing high-potential companies compared to VCs originating from traditional investor backgrounds.
The operator VC model has a long and established history in Silicon Valley. However, its adoption remains significantly less widespread in Europe and Africa: only about 8% of VC firms across these two regions are currently led by former operators, a stark contrast to nearly half of the firms in the U.S. London-based OpenseedVC is now actively applying this specialized operator-led thesis across both the African and European startup ecosystems with the launch of its new fund.
The firm, which is positioned to be the initial check into startups founded by operators across these two strategic regions, has successfully reached the first close of its $10 million angel-style early-stage fund. General partner Maria Rotilu confirmed that “the first close is well into the millions and fundraising is still in progress,” though she did not specify the exact amount secured. Rotilu stated that OpenseedVC aims to reach its final fund closing within the next year.
Supporting Operators with Capital and an Expert Network
Rotilu founded OpenseedVC with a clear and distinct vision: to invest early in experienced operators who are eager to make the leap to launch their own technology companies. OpenseedVC stated that it will provide these founders with not only crucial initial capital and conviction but also the essential support of a dedicated community of seasoned operators, a network that currently comprises more than 50 individuals.
Rotilu elaborated on the firm’s approach in an interview, saying, “If you’re supporting operators that have identified a problem and are making the leap into building their technology, you’ve likely recognized a common challenge: the need for capital and guidance from other experienced individuals. To address this directly, we focus on enhancing the operator network in four key areas.” She specified the areas of focus: “In the early stages, expertise in software engineering is absolutely crucial. You need someone who has successfully recruited technical talent, built teams and understands infrastructure design, offering invaluable firsthand experience. So if that’s the common thread, I would say firsthand experience is what we optimize for across software engineering, product, go-to-market, and people and talent.”
The majority of individuals within OpenseedVC’s operator network are people Rotilu has either worked directly with or received trusted referrals for. Some operators also serve as limited partners (LPs) in the fund, though they do not currently earn carry. Rotilu also noted that other LPs include founders, professionals from traditional and tech businesses, and high-net-worth individuals spanning Africa, Europe, and the U.S.
Targeting Pre-Seed Startups in Africa and Europe
London-based OpenseedVC is targeting a portfolio of at least 60 startups over the next five years. The early-stage fund operates an open application process, allowing founders to apply without needing a formal introduction, and will provide initial investment checks of up to $150,000. The firm’s investment thesis centers on three key areas: the future of commerce (which includes B2B software, AI, and fintech), the future of work (productivity tools), and digital health.
Rotilu emphasized the fund’s stage focus: “We look at the earliest stages; that’s precisely our sweet spot. Openseed is keen on making pre-seed investments, but specifically the very early stage of pre-seed, because the later stage of pre-seed is typically where you find the traditional VCs. We tend to move independently and quickly—and do not necessarily require a founder to have secured a lead investor or anything like that before we invest.” She added that the fund is interested in two specific founder profiles within its broader operator-focused lens: domain experts (operators at high-growth tech companies, including first-time founders) and second-time founders who have successfully built and exited a previous startup.
To date, the fund has already made two initial investments: one in a stealth U.K.-based AI-enabled software company focused on supplier dispute resolution, and another in Intron, a speech-to-text transcription model specializing in underserved accents, beginning with those across Africa.
Rotilu explained the firm’s dual geographic strategy: “We chose Africa and Europe to apply our thesis to work in these regions. Our core belief is that by backing experienced operators early in their journey with the right capital and support from peer operators, you can strategically build a diversified portfolio that generates strong returns for investors and provides crucial support for ambitious operators exactly when they need it most.” Prior to OpenseedVC, Rotilu gained investment experience across multiple regions with different funds.
Before launching her fund, Rotilu had an extensive executive career as an operator. She served as Country Manager at Uber and General Manager at Branch, both in Nigeria, where she helped those tech companies scale their user base to millions of customers. She later pursued an MBA at Oxford University, where she served as Managing Director at the Oxford Seed Fund, one of the largest student-led funds in Europe.
Striving for a Diversified and Equitable Portfolio
During her MBA, the operator-turned-investor, who holds a computer science background, interned at Hustle Fund, an early-stage fund in the U.S., where she invested in startups across the U.S., Latin America, Southeast Asia, and sub-Saharan Africa. She then joined Octopus Ventures, one of Europe’s largest funds, as a principal and fund manager of the First Cheque Fund, a £10 million early-stage fund for European startups in the B2B software, fintech, and health sectors.
Rotilu recognized while at Octopus a compelling need to focus more intently on Africa, a market where she had already made several successful angel investments during her professional career. The London-based VC firm provided limited scope for this dedicated focus. Rotilu, seeking the clarity and autonomy to execute a strategy that perfectly aligned with her experience as both an operator and an investor across Africa and Europe, recognized this as the ideal opportunity to launch her own venture capital firm.
The increasing number of female-led VC firms globally is a positive trend, though women, particularly women of color, still face significant challenges in securing funding or raising a fund. As more women enter the venture investing space, this trend will inevitably lead to increased funding for female-led startups. OpenseedVC is acutely aware of this significance. “There are very few female-led funds globally, and we bring a specific perspective on what a truly diversified portfolio should look like. We actively focus on diversification across geography, industry, and gender,” Rotilu remarked. She concluded, “A lot of essential work is being done around diversity, and as a fund, we apply a gender lens to our portfolio strategy. We aim for a truly diverse portfolio, actively striving for a 50/50 balance in co-founding teams.”
