5:57:50 AM PDT - Wednesday, August 17th, 2022

Oui Capital, a pan-African early-stage VC firm, hits first close of its $30M second fund  

By Editor - Mon Aug 01, 2:28 am

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Oui Capital , an Africa-focused VC firm based in Lagos and Massachusetts, announced today that it has completed the first closing of its $30 million second fund, Oui Capital Mentors Fund II, as it seeks to strengthen its presence on the continent.  The firm, founded in 2019 by  Olu Oyinsan  and  Francesco Andreoli , launched its debut fund at $10 million. Since then, Oui Capital has made 18 investments in technology sectors spanning different industries such as fintech, logistics & mobility, e-commerce, healthcare, and enterprise software. Some names include TeamApt , MVX , Akiba Digital, Duplo , Ndovu, Maad, Intelligra, Aifluence and Pharmacy Marts.  Oui Capital made eight investments last year and this second fund signals the VC’s intention to keep up with that pace. The $30 million fund, just like the first, will back sub-Saharan startups in the pre-seed and seed stages. So far, the firm has reached its first close at a little over $11 million and expects to complete the final close by Q4 2022.  Managing partner Oyinsan, in an interview with TechCrunch, said Oui Capital’s first fund delivered early solid returns, with a MOIC (multiple on invested capital) in excess of 7 times. He said that one of the reasons why the firm managed to accomplish this lies in the “ sparks” that determine which startup to invest in or not: team, market, knowledge of the customer and tech, and customer enthusiasm.  But even though firms follow a manual (like Oui Capital and its aforementioned investment strategies), not all deals turn out great eventually.

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Oui Capital, a pan-African early-stage VC firm, hits first close of its $30M second fund

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