A venture capital business that specializes in investing in Africa, Oui Capital, has announced the opening of Oui Capital Mentors Fund II, its second fund, with the goal of building on the success of its first investment vehicle and enhancing its position on the continent.
By filling the vacuum in early-stage funding it saw in the startup ecosystem, Oui Capital, which was founded in January 2019, intends to be one of the first “yeses” founders hear as they set out to establish tech-enabled businesses for the African market.
From its first investment, Oui Capital supported 18 businesses in Nigeria, Kenya, Senegal, Egypt, and South Africa that were in the fintech, logistics and mobility, e-commerce, healthcare, and enterprise software sectors. The firms in its portfolio include well-known brands including TeamApt, Duplo, and AkibaDigital.
In order to assist entrepreneurs, and create scalable businesses that address some of the largest problems on the continent, Oui Capital will use the new fund to focus even more intently on its objective.
With investors from international venture capital firms including Angur Nagpal’s Vibe Capital, D Global Ventures, Boston-based One Way Ventures, and Ground Squirrel Ventures, it has completed an undisclosed initial close of the US$30 million fund. In addition, the list of investors includes Idris Alubankudi, Gbenga Oyebode, Tosin Eniolorunda, and Foundry Group partners Brad Feld, Seth Levine, and Ryan McIntyre.
“We’re excited to be returning to the 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,” said Olu Oyinsan, Oui Capital`s managing partner.
The company will make initial investments up to the amount of US $750,000 while also setting aside funds for further investments. Additionally, Oui Capital intends to increase its investments in Francophone Africa and North Africa.