Namibia-based firm to back early-stage Southern African startups with $10 million fund

Bellatrix Investment Managers, a Namibia-based alternative investment firm, has launched the Ndjaba Seed Fund, a $10 million venture capital vehicle to support early-stage startups across Southern Africa.

Named after the Oshiwambo word for “elephant,” the Ndjaba Seed Fund, launched on Wednesday, will target a diversified portfolio of between 35 and 50 startups over a ten-year investment horizon. The fund will focus on sectors including fintech, agritech, healthtech, education, clean energy, e-commerce, and enterprise software.

The fund’s launch comes at a time when early-stage funding remains one of the biggest challenges for entrepreneurs in Southern Africa. According to TechCabal Insight’s State of Tech in Africa 2025 report, startups raising below $1 million attracted just 2% of total capital deployed on the continent in 2025. 

The challenge is more pronounced in Southern Africa, where most of the region’s $933 million in startup funding was concentrated in South Africa, leaving founders in Namibia and neighbouring markets with limited access to early-stage capital. Bellatrix said the fund aims to help close that gap while supporting startups with the potential to scale across the region.

“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.

Founded in 2020 in Windhoek, Namibia’s capital, Bellatrix Investment Managers focuses on financing startups and small businesses through investment vehicles spanning SME debt funding, seed-stage financing, and impact investment initiatives across Southern Africa. 

The firm described the Ndjaba Seed Fund as its first dedicated venture capital vehicle, but said that it has previously deployed more than $30 million in debt and concessional financing to over 500 businesses in the past five years.

According to Bellatrix, startups at the pre-seed stage will typically receive between $25,000 and $100,000, while seed-stage companies can access between $100,000 and $350,000. In select cases, initial investments may reach $500,000, with additional capital reserved for follow-on funding in high-performing companies. 

While the fund primarily invests through equity, Hano-Oshike said the firm can also provide early-stage startups with flexible financing options, including convertible debt and  Simple Agreement for Future Equity (SAFEs).

The fund is being structured to raise $10 million and will deploy capital progressively as it builds its investment portfolio. Bellatrix said the measured approach is intended to establish a strong performance track record before launching larger venture capital funds. 

Beyond capital, the fund plans to provide operational support to portfolio companies through strategic guidance, governance support, mentorship, business model development, and access to investor and partnership networks. 

It would also leverage the Basecamp Business Incubator ecosystem, an innovation hub supporting Namibian startups through mentorship, training, and investment facilitation, to help startups improve investor readiness and market access.

Hano-Oshike said the fund is already engaging founders through existing networks ahead of a formal application process expected to roll out alongside the launch.