Tofino Capital announces the first close on its $10 million financing with the goal of closing the entire deal in nine months.
Tofino Capital is a venture capital fund that was established by Aubrey Hruby & Eliot Pence.
SeamlessHR is home to Sabi and Gloopro as well as Social Stack and Social Stack.
The founders worked with over 100 startups such as SWVL, Flutterwave and Foodology and founded InsiderPR, one the most prominent public relations companies in African tech.
The fund will be a focus on B2B entrepreneurs in areas such as fintech, logistics and marketplaces.
Early-stage startups can receive funding between $50,000 to $500,000 with a special focus on pre-seed or seed stages.
Tofino Capital is interested not only in late-stage startups but also in early and Series C startup. It believes that investing in both later and Series C startups is the best way for investors to get into emerging markets.
It will, however, spend much less in late-stage startups than early-stage companies.
Tofino Capital’s current fund aims to support businesses throughout Africa, Asia, Latin America, and the Middle East, with a focus on Bangladesh, Egypt, Nigeria, Pakistan, the Philippines, and Mexico.