Aions Ventures Launches R100m Seed Fund: Interview With Kerryn Campion, COO of Aions Ventures

Aions Ventures Launches R100m Seed Fund: Interview With Kerryn Campion, COO of Aions Ventures. South Africa’s startup ecosystem is rich with entrepreneurial talent and innovative ideas, yet many promising businesses struggle to secure the funding and support needed to transition from early traction to sustainable scale. Recognising this challenge, Aions Ventures has launched Aions Seed Fund I, a R100 million early-stage growth fund aimed at helping startups bridge the critical gap between proving their concept and attracting larger rounds of investment. In this interview, Kerryn Campion, Chief Operating Officer of Aions Ventures, discusses the inspiration behind Aions Seed Fund I, the challenges facing South African startups and the importance of transformation within the venture capital ecosystem. Read all about it below!

What inspired the launch of Aions Seed Fund I, and what gap in South Africa’s startup ecosystem are you aiming to address?

Aions Seed Fund I was inspired by what we have seen first-hand in the South African startup ecosystem. There is no shortage of talented founders or promising businesses, but too many get stuck after proving early traction. They may have a product, customers, revenue or market validation, but they are not yet structured, capitalised or commercially mature enough to attract Series A funding. That is the gap we are trying to address: the difficult middle stage between early promise and scalable, investable growth. The fund was created to help more South African startups move through that stage with the right capital, governance, operational support and commercial discipline behind them.

How will the R100 million fund specifically help startups bridge the challenging transition from early traction to Series A funding?

The R100 million fund gives us the ability to back startups at a very practical stage of growth. These are businesses that have moved beyond idea stage and now need capital to strengthen the business, deepen market traction, build internal capability and prepare for follow-on investment. The value is not only the amount of capital; it is how that capital is deployed. We want to help founders use funding in a disciplined, milestone-driven way so that they become more attractive to later-stage investors.

What criteria will Aions Ventures use when selecting startups for investment through Aions Seed Fund I?

We are looking for South African, early-stage, technology-enabled businesses that have already demonstrated some level of market traction. That could mean revenue, customers, pilots, strong commercial demand or proof that the solution is solving a real problem. Beyond that, we will look at the quality of the founding team, the size of the market opportunity, scalability, defensibility, financial discipline, governance readiness and the potential for follow-on funding. Impact also matters to us. We are interested in businesses that can create jobs, build local capability and contribute meaningfully to South Africa’s economy.

The fund focuses on sectors such as the digital economy, climate sustainability, energy innovation, and alternative water solutions. Why were these sectors prioritized?

These sectors were prioritised because they sit at the intersection of commercial opportunity and national need. South Africa’s biggest constraints — energy reliability, water security, climate resilience, access to digital infrastructure, logistics, productivity and inclusion — are also some of the biggest opportunities for innovation. We are not only looking for businesses that can grow; we are looking for businesses solving problems that matter. Digital platforms can unlock access and efficiency. Energy and climate solutions can support resilience and the just transition. Water and resource solutions are increasingly urgent in South Africa and globally. That makes these sectors both locally relevant and potentially globally scalable.

Beyond capital, what types of hands-on support and operational guidance can founders expect from Aions Ventures?

Founders can expect active, hands-on support. Our model is not to invest and step back. We work closely with businesses on governance, financial discipline, commercial development, operational structure, reporting, growth planning and investor readiness. That can include helping founders understand their unit economics, refine their go-to-market strategy, build stronger internal systems, access potential customers or partners, and prepare for future capital raises. Aions Ventures’ stated approach includes operational advisory, market access, partnerships and growth roadmaps to help businesses move from seed stage to Series A and beyond.

Aions Ventures has already backed several startups through its own balance sheet and development programmes. What key lessons from those experiences will shape the management of this new fund?

One of the biggest lessons is that capital alone is not enough. Through our own balance sheet investments and enterprise and supplier development work, we have seen that businesses need structure around the capital. Aions has already seeded companies from its own balance sheet and supported others through development programmes, with the focus extending beyond funding into oversight, commercial support and financial discipline. We have also learned that founder capability, governance, cash-flow management and customer access are often just as important as the product itself. The fund will be managed with those lessons in mind: invest carefully, support actively, track progress closely and help founders build businesses that can survive beyond the first cheque.

Many South African startups struggle to scale despite having promising products or services. What are the most common obstacles you have observed, and how can founders overcome them?

The common obstacles are usually not a lack of ambition or ideas. They are things like inconsistent access to capital, weak financial controls, unclear unit economics, limited access to markets, governance gaps, compliance complexity, and founders being stretched across too many parts of the business. Another challenge is that many startups raise capital before they are operationally ready to use it well. Funding can accelerate growth, but it can also expose weaknesses quickly. Founders can overcome this by becoming very clear on their numbers, their customer acquisition model, their margins, their team structure and the milestones they need to hit before raising the next round.

How does the partnership with the Technology Innovation Agency (TIA) and the SA SME Fund strengthen the impact and reach of Aions Seed Fund I?

The partnership strengthens the fund in three important ways: capital, credibility and ecosystem reach. TIA brings a deep mandate around technology innovation and commercialisation, while the SA SME Fund brings experience in allocating capital through fund managers to strengthen the broader startup ecosystem.

Dr Titus Mathe highlighted the need for a more transformed venture capital ecosystem. How will Aions Seed Fund I contribute to supporting underrepresented founders and fund managers in South Africa?

Transformation has to be intentional. It cannot be treated as a side outcome. Aions Seed Fund I can contribute by actively looking for high-potential founders who may not always have access to traditional venture networks, including Black founders, women founders, township-linked businesses and entrepreneurs solving problems in underserved markets. It also matters that capital is being allocated through emerging and experienced South African fund managers. That helps build a more diverse venture capital ecosystem, not only a more diverse startup pipeline. The SA SME Fund, TIA and E Squared have publicly framed the broader Seed Fund of Funds around both innovation and transformation, including ensuring South Africa’s tech sector reflects the diversity and talent of its people.

Looking ahead, what does success look like for Aions Seed Fund I over the next three to five years, both in terms of financial returns and broader economic impact?

Success means building a portfolio of strong South African startups that are still growing, still employing people, and increasingly able to attract follow-on capital. Financially, we want to see businesses scale in a disciplined way, increase in value, and create credible pathways to later-stage investment or exits. But success is broader than returns. It also means more South African founders becoming investable, more jobs being created, more innovation reaching the market, and more capital flowing into early-stage businesses. Ultimately, we want Aions Seed Fund I to prove that seed-stage investing in South Africa can be both commercially strong and deeply impactful.