Tofino Capital, a venture capital firm focused on early-stage startups in underserved global markets, has announced the first close of its $10 million fund at $5 million. The firm, founded by Eliot Pence and Aubrey Hruby, aims to back startups in emerging economies across Africa, Asia, Latin America, and the Middle East.
A Niche Market Strategy
Tofino Capital is targeting large, untapped markets with minimal venture capital activity. General Partner Eliot Pence highlighted regions like Bangladesh, Egypt, Nigeria, Pakistan, and the Philippines, where venture capital investments average less than $5 per capita. “These are markets with hundreds of millions of people, yet minimal access to venture capital. That’s the opportunity we’re pursuing,” Pence stated.
The fund will focus primarily on business-to-business (B2B) startups in fintech, logistics, and marketplace sectors. The team brings years of experience working with U.S. companies and family offices investing in frontier markets, leveraging this expertise to identify promising ventures.
From PR to VC
Pence and Hruby have a long history in Africa’s tech ecosystem. They co-founded InsiderPR in 2018, a public relations firm that has supported over 100 startups, including high-profile names like SWVL and Flutterwave. Hruby has also co-authored a book on Africa’s economic potential and advised notable investors entering the region.
Their work in the tech space organically evolved into angel investing, with their first investment in Seamless HR in 2018. Since then, they have backed several startups, including Sabi, Mecho Autotech, and Eksab. Tofino Capital represents a formalization of their investment strategy, scaling their efforts to institutional levels.
Flexible Investment Approach
Tofino Capital plans to write checks ranging from $50,000 to $500,000, primarily for pre-seed and seed-stage startups. However, the firm is adopting an unconventional “barbell strategy,” investing in both very early-stage startups and select late-stage companies nearing IPO.
According to Pence, this approach hedges risks while maximizing potential returns. “We think the next growth phase in Africa won’t only be $1-2 billion unicorns but also mid-market companies with $200-$500 million profiles. That’s where we see opportunity,” he explained.
Late-stage investments will be limited to fewer than five companies, with the firm leveraging its unique expertise in government relations, PR, and market entry to secure equity positions in high-growth ventures.
Building Relationships and Backing Founders
Tofino Capital’s limited partners include U.S. and European family offices, the WS Investment Company, and executives from successful U.S. startups. The fund also hopes to capitalize on the growing interest in frontier markets, where opportunities are expanding for investors looking to support the next wave of billion-dollar companies.
As markets in Africa, Asia, and other frontier regions continue to grow, Tofino Capital joins a wave of similarly sized funds aiming to catalyze growth in these high-potential economies. Recent entrants include Uncovered Fund, LoftyInc Capital, Savannah Fund, and Ventures Platform.
By combining early-stage focus with strategic late-stage investments, Tofino Capital aims to play a pivotal role in scaling startups across some of the world’s most underserved markets.
