Managing Partner Eghosa Omoigui noted the fund’s goal of providing startups with their initial institutional funding and assisting in subsequent fundraising efforts.

“We want to sponsor a pipeline of high-quality founders that create high-quality companies that can be supported later by the increasing number of climate and energy-focused funds,” said Eghosa Omoigui.

The launch of this pilot fund comes in response to the growing trend of VC firms establishing funds dedicated to Africa’s climate sector. EchoVC joins the ranks of those addressing the dearth of early-stage funding for climate-focused startups in the region.

EchoVC has a history of investments in mobility, agriculture, climate, and energy startups, including notable names like Shuttlers and Complete Farmer. The Eco Pilot Fund I, totalling $2.5 million, represents the culmination of over a year of study and aims to fill the gap in supporting pre-seed stage companies essential for creating climate-resilient economies.

“The continent needs these pre-seed stage companies to create and deploy the solutions necessary to meet market demand and enable climate-resilient economies,” explained Taiwo Kamson, Principal at EchoVC.

The Eco Pilot Fund I intends to invest in up to ten startups at the pre-seed stage. Its primary focus includes startups providing access to finance, insurance, and markets for smallholder farmers in Africa. Additionally, renewable energy solutions and innovative approaches to urban transportation will be considered. While the fund has an African mandate, the majority of investments are expected to go to startups from Kenya and Nigeria.

EchoVC’s mission to support under-represented founders aligns with its mission of being the Sequoia Capital for underestimated founders and markets. The firm remains sector-agnostic and operates from offices in Africa, the US, and the UK.

The EchoVC team, boasting over 80 years of combined experience, actively supports the portfolio it has built over the last decade. The newly launched fund, along with the ongoing development of the Center of Excellence project, points to EchoVC’s zeal for fostering innovation and sustainability in the technology sector.

As EchoVC forges ahead with its mission, it anticipates that the lessons learned from the Eco Pilot Fund I will inform investments from its larger 2024 Eco Fund, scheduled for unveiling in the coming years.

EchoVC’s contribution to the tech ecosystem is reflected in its impressive investment statistics: 36 companies, 2,000+ employees in portfolio companies, $41 million+ deployed, and operations across 12 countries, including Nigeria, Kenya, Brazil, India, and the United States.

Mustard believes that Africa’s future image will be largely shaped by the brands it is able to produce, and its ability to attract and move global audiences.

Having recognised the continent’s absence of strong brands and its ecosystems’ limited faith in their power for over a decade, Mustard is launching a £4m investment vehicle to build narrative-led technology ventures from the very start, with like-minded founders and investors who believe.

Mustard’s idea-stage investment model will have it play the role of both investor and builder from the earliest stage possible.

Mustard will identify visionary, veteran and influential individuals with ‘globalisable’ venture ideas, and provide the capital and expertise in engineering, design and storytelling to explore them before a company has even been incorporated.

If the venture idea and founders are deemed viable, Mustard will go on to invest further capital and expertise to take the venture through to launch and early customer traction, before seeking an exit in a Series A or B round.

This model is distinctly different to the typical 10-year returns approach of African VC firms. African VCs invest in several companies during their growth stage, and take a hands-off, advisory role in their portfolio companies.

Mustard conversely will get fully involved as a builder from the venture idea’s formulation, do so with far fewer companies (around 3-4 per year), and aim to provide its investors VC-type returns in half the time (5 years).

For Mustard’s new venture agency model its founder Ndubuisi Kejeh, has brought in renowned advisers in the areas of venture capital, growth, brand narratives and talent management, namely: Parminder Vir OBE, an award-winning film and TV producer and the former CEO of the Tony Elumelu Foundation; Chris Williamson, MD of Mpesa at Vodacom, Eunice Chou, of the Africa VC firm EchoVC partners, and Dudu Sarr, long-time friend and manager of Grammy-award winner Youssou N’dour.

Parminder Vir OBE, Award-winning film and TV producer and Mustard Adviser, said: “Africa has many stories to tell, and over the last twenty years, the story of its resilient youth seen through the growth of tech startups has been one of its most significant. Over the last four decades, I have worked to bring stories from Africa and other cultures to the world through film and television, and I believe Mustard’s approach will help to do the same through the meaningful brand narratives it builds for tech ventures.”

Seni Sulyman, founder of BlackOps and former VP Global Operations at Andela, said: “Right from the first time I came across Mustard’s thesis and idea-stage investment approach, it sounded really powerful. I am keen to see what comes next from the Mustard team because I want to see African brands go global, which will not only mean massive changes for the continent, but also for its place in the world.”

Thebe Ikalafeng, Founder of Brand Africa and former CMO of Nike Africa said: “Africa has the culture, vibrancy and talent needed to make world-class brands, but over the years rhetoric and desire have not been matched by output. Mustard’s narrative-first philosophy, hands-on building and investing approach, and focus on influential founders, might be the change we need to shift the status quo.”

Eghosa Omoigui, General Partner of EchoVC Partners, said: “Mustard’s expertise in venture building at the earliest possible stage coupled with a strong philosophy on brands has resonated with us for quite a while. African startups and their brands need to go out to the world for many reasons, among which include access to broader consumer markets. Mustard’s idea-stage investment approach is uniquely different, and highlights why a mixture of approaches is what a growing startup ecosystem needs.”