Namibia’s Bellatrix Launches $10 Million Seed Fund to Back Southern African Startups

Bellatrix Investment Managers, a Namibia-based alternative investment firm, has launched the Ndjaba Seed Fund, a $10 million venture capital vehicle aimed at supporting early-stage startups across Southern Africa.
The fund, launched on Wednesday, is expected to invest in between 35 and 50 startups over a ten-year period, targeting sectors including: Fintech, Agritech, Healthtech, Education technology, Clean energy, E-commerce and Enterprise software.
Named after the Oshiwambo word for “elephant,” the fund is positioned to address persistent early-stage funding gaps across the region.

Early-Stage Capital Gap Persists Across Southern Africa
The launch comes amid growing concerns over limited access to seed funding for startups outside Africa’s major investment hubs.
According to TechCabal Insights’ State of Tech in Africa 2025 report, startups raising below $1 million accounted for only 2% of total capital deployed across Africa in 2025.
The funding imbalance is particularly visible in Southern Africa, where a significant share of the region’s startup investment continues to flow into South Africa, leaving founders in smaller markets such as Namibia with fewer financing opportunities.

Bellatrix said the new fund is designed to help close that gap while supporting businesses with regional scaling potential.
Focus on Scalable, High-Growth Sectors
According to the firm, pre-seed startups will typically receive investments ranging from $25,000 to $100,000, while seed-stage companies may access between $100,000 and $350,000.
In selected cases, initial investments could rise to $500,000, with additional capital reserved for follow-on funding in high-performing startups.

While equity financing remains the primary structure, the fund will also provide flexible financing instruments including:
Convertible debt
Simple Agreements for Future Equity (SAFEs)
Managing Director Jesaya Hano-Oshike said the fund aims to combine capital with operational support to help startups scale sustainably.

Beyond Funding: Governance and Operational Support
In addition to financing, Bellatrix plans to provide portfolio companies with:
Strategic guidance
Governance support
Mentorship
Business model development
Investor and partnership access
The fund will also leverage the Basecamp Business Incubator⁠� ecosystem to support startup mentorship, training, and investor readiness.

Measured Expansion Strategy
Bellatrix described the Ndjaba Seed Fund as its first dedicated venture capital vehicle, although the firm says it has already deployed more than $30 million in debt and concessional financing to over 500 businesses in the past five years.
The company said capital deployment under the fund will be gradual, allowing it to build a performance track record before potentially launching larger investment vehicles.

Digitnomics Insight
The launch of the Ndjaba Seed Fund highlights growing efforts to decentralise Africa’s startup funding landscape beyond dominant markets such as Nigeria, Kenya, Egypt, and South Africa. As regional ecosystems mature, smaller markets are increasingly seeking local capital structures capable of supporting early-stage innovation and long-term digital economic growth.