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Nigerian VC, Oui Capital, Raises $30 Million to Invest in North Africa and Francophone Africa Startups

Oui Capital’s Portfolio

Oui Capital, a venture capital firm with a focus on Africa, has announced the opening of Oui Capital Mentors Fund II, its second fund, in an effort to expand on the success of its first investment vehicle and increase its influence on the continent.

Oui has closed an initial $30 million towards the fund, with investors from international venture capital funds:

  • Angur Nagpal’s Vibe Capital
  • D Global Ventures
  • Boston-based One Way Ventures
  • Ground Squirrel Ventures

In addition, the list of investors includes:

  • Idris Alubankudi
  • Gbenga Oyebode
  • Tosin Eniolorunda
  • Foundry Group partners Brad Feld, Seth Levine, and Ryan McIntyre

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SEE ALSO: Fintech Penetration at Only 35% in Nigeria with 9 Out of 10 Transactions Still Settled in Cash

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Founded in January 2019, Oui Capital intends to close the early-stage funding gap it noticed in the startup ecosystem by giving creators one of the first ‘yeses’ they hear as they set out to establish tech-enabled enterprises for the African market.

From its first fund, Oui Capital invested in 18 firms showing an interest in the following sectors:

  • Enterprise software
  • E-commerce
  • Healthcare
  • Logistics and mobility
  • Fintech

Its investments have been across the continent including Nigeria, Kenya, Senegal, Egypt, and South Africa.

Its portfolio firms include well-known brands such as:

  • TeamApt
  • Duplo
  • Akiba Digital
  • Ndovu

In order to help founders create scalable businesses that address some of the biggest problems on the continent, Oui Capital will use the new fund to focus even more intently on its objective.

According to reports, Oui will write initial checks of up to US$750,000, with reserves in place for follow-on investment.

According to Olu Oyinsan, Managing Partner, Oui Capital:

“We’re excited to be returning to market at an opportune time, as valuations moderate across the board and the quality of founder talent is at an all-time high, we believe this will make for a strong 2022 vintage and can’t wait to get started deploying Fund II.”

– Managing Partner, Oui Capital

Oui Capital also plans to invest in startups across North Africa and Francophone Africa.

If you are interested in funding from Oui Capital, you can get started via this link.

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RECOMMENDED READING: [EXPLAINER] The 5 Different Categories of Fintech Startups in Africa

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