Black Seed,

Brixton Venture Capital Firm closes £5m seed Fund for Black British founders

A Brixton-based venture capital firm has closed a £5m seed fund to invest in Black British tech founders.

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Black Seed, which was founded in 2021 by Karl Lokko, Cyril Lutterodt, and Yvonne Amoah, is targeting a final close of £10m. The firm will make early-stage investments into tech startups run by Black entrepreneurs.

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Image Credit: BBC

Black Seed is a venture capital firm, created to finance the pioneering Black entrepreneurs of today to build the businesses our world needs for tomorrow – if only they’re given a shot,” said Lokko.

“We know Black founders are over-mentored and underfunded, and we’re here to change that. We want to be the bridge between the City and the black founder community, and we believe that by investing in Black-led businesses, we can help to create a more equitable and inclusive tech ecosystem.”

Black Seed’s first close was led by M&G Investments, with participation from Atomico, Local Globe, Molten Ventures, and WestRiver Group. The firm has also received angel investment from a number of high-profile figures, including Sam Branson, the son of Virgin Group founder Richard Branson.

We’re excited to be backing Black Seed,” said James Alexander, head of venture capital at M&G Investments. “The firm has a strong team with a deep understanding of the Black founder community, and we believe that they have the potential to make a real difference.”

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Black Seed is one of a number of VC firms that have been set up in recent years to address the lack of funding for Black entrepreneurs. In 2021, the UK government announced a £10m fund to support Black-led businesses, and a number of private investors have also made commitments to invest in Black-led startups.

The launch of Black Seed is a sign that the tide is starting to turn for Black entrepreneurs in the UK tech scene. With more funding and support available, Black founders are now better positioned than ever to build successful businesses and make a real impact on the economy.

About Black Seed

Black Seed is a venture capital firm that invests in Black British tech founders. The firm was founded in 2021 by Karl Lokko, Cyril Lutterodt, and Yvonne Amoah. Black Seed’s mission is to help Black founders build successful businesses and create a more equitable and inclusive tech ecosystem.

The firm’s investment thesis is focused on early-stage startups with the potential to disrupt traditional industries. Black Seed is particularly interested in startups that are led by Black women and founders from underrepresented backgrounds.

Black Seed has a team of experienced investors with a deep understanding of the Black founder community. The firm is committed to providing its portfolio companies with the support they need to succeed, including access to capital, mentorship, and networks.

Contact

For more information about Black Seed, please visit the firm’s website or contact:

  • Karl Lokko, Chairman and Co-Founder
  • Cyril Lutterodt, Managing Director and Co-Founder
  • Yvonne Amoah, Investment Director

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