The venture capital landscape in Southern Africa has long been a story of one giant and several shadows. While South Africa consistently absorbs the lion’s share of regional capital, neighboring markets like Namibia, Botswana, and Zambia often operate in a “capital desert,” particularly at the earliest stages.

Windhoek-based Bellatrix Investment Managers is attempting to shift this narrative. The alternative investment firm has launched the Ndjaba Seed Fund, a $10m vehicle dedicated to early-stage startups across the Southern African Development Community (SADC).

The fund represents a rare equity-focused play from Namibia, a country better known for its commodities and institutional pension funds than its tech exports.

The data highlights the steep climb for founders outside of the Cape Town and Johannesburg hubs. In 2025, Southern Africa recorded approximately $933m in total venture funding, yet the vast majority was concentrated in South Africa. For startups in the rest of the region, seeking tickets under $1m remains a significant challenge.

According to Bellatrix, the Ndjaba Seed Fund (named after the Oshiwambo word for “elephant”) aims to provide the first institutional check for 35 to 50 startups over the next decade.

“The regional imbalance is stark,” says Jesaya Hano-Oshike, Managing Director at Bellatrix. “The fund is designed to bridge the gap by providing capital and scaling support to the next generation of businesses in these underserved markets.”

Investment Strategy

The fund’s mandate is broad, covering sectors that address structural inefficiencies in the regional economy:

• Fintech & Healthtech: Addressing financial inclusion and primary care access.
• Agritech: Improving supply chain resilience in arid climates.
• Clean Energy & E-commerce: Leveraging the region’s infrastructure needs.
• Enterprise Software: Supporting the digitization of local SMEs.

Ticket Sizes and Instruments

Bellatrix is positioning itself as a flexible partner, utilizing both equity and convertible instruments like SAFEs (Simple Agreements for Future Equity).

The firm has also reserved capital for follow-on rounds, a critical component given the “Series A vacuum” currently affecting African tech, where many seed-stage companies struggle to find mid-stage backers to sustain growth.

From Debt to Equity

Founded in 2020, Bellatrix is not a newcomer to the Southern African financial sector, though its origins are in debt. The firm has deployed over $30m in debt and concessional financing to more than 500 SMEs over the last five years.

The Ndjaba Seed Fund marks a strategic pivot. While debt is suitable for cash-flow-heavy traditional businesses, it often stifles high-growth tech startups that need to reinvest every cent into product development and user acquisition. By moving into venture equity, Bellatrix is betting that the regional ecosystem is mature enough to produce scalable technology assets.

To de-risk these investments, the fund will collaborate with the Basecamp Business Incubator. This Windhoek-based hub will provide a pipeline of “investment-ready” startups, offering:

1. Governance Advisory: Professionalizing board structures early.
2. Operational Support: Guidance on regional regulatory compliance.
3. Network Access: Connections to international investors for subsequent rounds.

A $10m fund is modest by global standards, but in the context of the “SADC minus South Africa” market, it is substantial. For a founder in Windhoek or Gaborone, a $250,000 check is often the difference between a prototype and a market-ready product.

However, the success of the Ndjaba Seed Fund will depend on more than just capital. The Southern African region faces fragmented regulations and currency volatility. Bellatrix’s challenge will be to prove that a Namibia-led fund can successfully navigate these cross-border complexities and exit ventures in a secondary market that is still finding its footing.

At a glance: The Ndjaba Seed Fund

• Size: $10m
• Manager: Bellatrix Investment Managers (Namibia)
• Focus: Southern Africa (SADC)
• Target: 35-50 startups over 10 years
• Sectors: Fintech, Agritech, Healthtech, Clean Energy, Edtech, E-commerce.