Ashley Smith, the founder and investment manager of Vermilion Cliffs Ventures, has announced the close of a $25 million Fund II to back startups in AI infrastructure, security, and development tools. The fund, which took around four months to raise this year, has a focus on supporting technical founders from Nigeria and other African countries.
Smith, one of the few solo women general partners in the venture capital industry, runs Vermilion Cliffs Ventures as a solo operation. The firm has previously backed companies like Keycard, a cybersecurity startup, and CopilotKit, an AI infrastructure company. With the new fund, Smith aims to invest in at least 25 companies over the next two and a half years, with an average check size of $750,000.
The firm's earlier $13 million debut fund backed 35 companies, and it's evident that Vermilion Cliffs Ventures is committed to fostering growth in the African tech ecosystem. By focusing on these areas, Smith hopes to tap into the vast potential of the continent's innovation-driven economy. And given the rising demand for AI, security, and development tools in Nigeria and beyond, it's no wonder that Vermilion Cliffs Ventures is doubling down on its support for African tech startups.
'This fund will continue our thesis of backing technical founders in AI infrastructure, security, and dev tools,' said Smith in an interview with TechCrunch.
In addition to supporting startups directly, Vermilion Cliffs Ventures also aims to create a network of African tech experts who can collaborate and share knowledge. By backing companies working on cutting-edge technologies, the firm is hoping to catalyze growth and innovation in the region. With its $25 million fund, Vermilion Cliffs Ventures is now well-positioned to take on this challenge and drive progress in Africa's vibrant tech scene.
A key aspect of Vermilion Cliffs Ventures' investment strategy is its focus on backing women-led startups. Smith has made it clear that she wants to see more women in leadership positions in the tech industry, and her investment decisions reflect this goal. By supporting women-led companies, Vermilion Cliffs Ventures is helping to create a more diverse and inclusive ecosystem that benefits everyone.
Vermilion Cliffs Ventures is not just investing in companies; it's also building a community of entrepreneurs who share its vision for a more innovative and connected Africa. Through its network of investors, mentors, and startups, the firm is creating a unique platform that allows African tech innovators to grow and succeed. With its $25 million fund, Vermilion Cliffs Ventures is now better equipped to support this goal and help drive the next wave of African tech entrepreneurship.
As the tech landscape in Africa continues to evolve, Vermilion Cliffs Ventures is poised to play a significant role in shaping its future. By focusing on areas like AI infrastructure, security, and development tools, the firm is targeting some of the most pressing needs of the continent's rapidly growing digital economy. With its $25 million fund and its commitment to supporting African tech startups, Vermilion Cliffs Ventures is an exciting new player in the venture capital space.