It was the lack of funding and support for Black-owned businesses that led Cyril Lutterodt, Yvonne Nagawa and Karl Lokko to take matters into their own hands and set up Black Seed in 2021.
Karl had been working as a local government consultant and special adviser to Prince Harry, Cyril was looking to secure investment for his own tech business and Yvonne was working in finance at the time.
The trio, all of whom are from south London, decided to club together and found their own organisation, which they claim is the first venture capital firm in Europe to invest exclusively in black-owned businesses.
We spoke to the minds behind Black Seed to find out more…
Tell us in your own words the inspiration behind Black Seed…
The inspiration behind it began when Cyril approached Karl to help fund his startup. During the process, they realised that there was no existing solution for black founders to access funding. They believed they could leverage their network to provide funding for black founders. Two years later, they launched their inaugural fund of £10 million, which has reached a first close.
How would you describe the organisation’s mission in a sentence?
Our mission is to empower Black founders to build the global businesses of the future.
How does it work in practice?
We ask all companies interested in pitching for funding to go to our website and select ‘submit pitch’.
We consider businesses at various stages, from the idea stage to the product stage to being market-ready.
If the business is a tech or tech-enabled venture with an opportunity to scale and become a generational company, we would love to have a chat.
As well as supporting businesses, you also host events…
Yes, we do.
We host monthly events at our offices in Brixton and an annual pitch event every October called Brixton Startup Weekend where we give away £10,000 equity-free to promising business ideas.
Who are your events aimed at?
The events are aimed at aspiring and existing founders who want to support, learn and grow within the Black founder ecosystem.
We bring successful entrepreneurs from our community to share words of wisdom, provide access to their network, and help with building the right proposition for prospective investors.
Are there any particular industries you’re especially keen to work with?
We are especially keen to work with public-facing institutions like banks, private equity funds and pension funds, as well as AI companies and tech companies.
What do fledgling businesses gain from working with Black Seed?
A portfolio company would receive a capital infusion, access to office space, and wrap-around support to help grow and scale their business.
Lastly, what’s your hope for Black Seed over the next five years?
We are rooted in Brixton but have global ambitions.
We want to scale globally into Europe, Africa and North America.
Black Seed, Brixton Village, Coldharbour Lane, London SW9 8PS.
