Sean Obedih Ndiho has today announced that his VC firm, Sobek Capital, has opened its Rwandan office. "It’s official Sobek Capital is now in Rwanda," he tweeted.
"We look forward to working tirelessly with all key stakeholders and build a viable venture capital industry in Rwanda," he added.
Sean also shared a certificate of incorporation for the firm which indicated that it was registered on 20th July 2018.
The offices are located at Kigali Heights, according to Sean.
It’s official @SobekCapital is now in #Rwanda. We look forward to working tirelessly with all key stakeholders and build a viable venture capital industry in #Rwanda. Thanks to everyone @RDBrwanda pic.twitter.com/3A1j8joyUw
— Sean Ndiho Obedih (@SObedih) July 25, 2018
He says the decision to open an office for his UK-based firm is partly based on the fact that he was born in the country.
"Because I was born in Rwanda and wanted to come back and help to build my country after 20 years in the UK," Sean told me.
Even before opening offices, Sean's Sobek Capital was active in Rwanda with a couple of investments made so far.
Asked if there are any more deals they are looking to sign soon, he said yes. "Yes absolutely, but these deals will be announced over the next few weeks as we are still going through negotiations."
Sobek Capital describes itself as an alternative Venture Capital firm. Something Sean explains as being "masters of our destiny".
"As I have documented before I personally believe that the traditional VC model doesn’t work in Africa." Sean pointed out.
"We are creating an alternative investment model that includes hands-on operational excellence. We embed people into the companies that we choose to invest in."
These views stem from what the experiences he described in this medium that article he wrote last year.
Founded in 2017, Sobek Capital invests between $10,000 to $250,000 even though it has Sean Obedih as the only Limited Partner.
"This is what I have found that most businesses need, they are in dire need of structural changes and processes," Sean said. But, he says that after investing, they then bring in more partners.
The firm has no specific stage at which they come in and Sean describes Sobek Capital as a "stage agnostic" firm.
This article had previously indicated that Sobek Capital had invested in BeneFactors Limited. However, that has since been changed with the request from both parties to leave it out, as there are some details that still need to be worked on.