Namibia’s Bellatrix Bets Big on Southern African Founders
Bellatrix Investment Managers, a Namibia-based alternative investment firm, has launched the Ndjaba Seed Fund a $10 million venture capital vehicle targeting early-stage startups across Southern Africa. The fund marks a significant move from a region that has long sat at the margins of African startup investment.
The Ndjaba Seed Fund will back startups operating in fintech, agritech, healthtech, education, clean energy, e-commerce, and enterprise software, with a target portfolio of between 35 and 50 companies over the next decade.
The timing is deliberate. Southern Africa attracted approximately $933 million in startup funding in recent years, but a disproportionate share of that capital flowed into South Africa, leaving founders in countries like Namibia, Zambia, and Zimbabwe severely underserved.
Bellatrix Investment Managers Managing Director Jesaya Hano-Oshike was direct about the intent. “Southern Africa has a strong pipeline of entrepreneurs with the potential to build impactful businesses. However, access to early-stage capital remains limited,” he said. “The Ndjaba Seed Fund is designed to bridge this gap by providing both funding and the support needed to scale.”
Pre-seed startups stand to receive between $25,000 and $100,000, while seed-stage companies may access between $100,000 and $350,000, with select startups potentially securing up to $500,000 in initial funding. Beyond equity, the fund will also deploy flexible instruments including convertible debt and SAFEs.
Founded in Windhoek in 2020, Bellatrix has already deployed over $30 million in debt and concessional financing to more than 500 businesses. The Ndjaba Seed Fund is its first dedicated VC vehicle.
The firm will also work with the Basecamp Business Incubator ecosystem to strengthen investor readiness and market access for portfolio companies, with an application process set to launch formally alongside the fund’s rollout.
