Bellatrix Investment Managers has launched the Ndjaba Seed Fund, a new $10 million venture capital fund aimed at backing early-stage startups across Southern Africa, as founders in the region continue to struggle with limited access to funding.
The fund, unveiled on Wednesday, will invest in between 35 and 50 startups over the next decade, targeting sectors such as fintech, agritech, healthtech, education, clean energy, e-commerce, and enterprise software. Its name, “Ndjaba,” is derived from the Oshiwambo word for “elephant,” symbolising strength and long-term growth.
The launch comes amid growing concerns over the funding gap facing startups outside Africa’s largest tech markets. Startups raising less than $1 million accounted for only 2% of all capital deployed across the continent this year.
Southern Africa has felt the impact sharply. Of the region’s $933 million in startup funding, the bulk went to South African companies, leaving entrepreneurs in countries like Namibia with far fewer financing opportunities at the earliest stages of growth.
Bellatrix says the new fund is designed to address that imbalance by supporting founders building scalable businesses 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,” said Jesaya Hano-Oshike, Managing Director of Bellatrix. “The Ndjaba Seed Fund is designed to bridge this gap by providing both funding and the support needed to scale.”
Founded in 2020 and headquartered in Windhoek, Bellatrix Investment Managers focuses on financing startups and small businesses through SME debt funding, seed-stage investments, and impact-focused financing initiatives across Southern Africa.
The company described Ndjaba as its first dedicated venture capital fund, although it says it has already deployed more than $30 million in debt and concessional financing to over 500 businesses within the last five years.
Under the new fund, pre-seed startups are expected to receive between $25,000 and $100,000, while seed-stage companies can access between $100,000 and $350,000. In some cases, initial investments could rise to $500,000, with additional funding reserved for high-performing portfolio companies.
Although the fund will primarily invest through equity financing, Bellatrix says it will also offer flexible instruments such as convertible debt and Simple Agreements for Future Equity (SAFEs), giving startups more financing options during their growth journey.
The firm plans to deploy the $10 million gradually as it builds its investment portfolio, a strategy it says will help establish a strong performance track record before expanding into larger venture capital raises in the future.
Beyond financing, Bellatrix says the fund will provide hands-on support to founders through mentorship, governance advisory, strategic guidance, business development support, and access to investor and partnership networks.
The initiative will also work closely with the Basecamp Business Incubator ecosystem, a Namibian innovation hub that supports startups through mentorship, training, and investment facilitation.
According to Hano-Oshike, Bellatrix has already started engaging startup founders through its existing networks ahead of a formal application process expected to launch soon.