Oui Capital, an Africa-focused venture capital firm, has announced the launch of its second fund, Oui Capital Mentors Fund II, which it hopes will build on the success of its debut investment vehicle and strengthen its presence on the continent.
Established in January 2019, Oui Capital aims to provide one of the first “yeses” founders hear as they embark on their journey to build tech-enabled businesses for the African market, bridging the early-stage funding gap it saw in the startup ecosystem.
From its debut fund, Oui Capital backed 18 companies spanning different industries such as fintech, logistics and mobility, e-commerce, healthcare, and enterprise software, in markets such as Nigeria, Kenya, Senegal, Egypt, and South Africa. Notable names among its portfolio companies include TeamApt, Duplo, and Akiba Digital.
With the new fund, Oui Capital is looking to double down on its mission, leveraging local context, capital, and an expansive network to help founders build scalable businesses that solve some of the biggest challenges on the continent.
It has reached an undisclosed first close of the US$30 million fund, with investors including global venture capital funds such Angur Nagpal’s Vibe Capital, D Global Ventures, the Boston-based One Way Ventures, and Ground Squirrel Ventures. The investor list also includes Foundry Group`s partners Brad Feld, Seth Levine and Ryan McIntyre; Gbenga Oyebode; Tosin Eniolorunda; Alitheia Capital`s Tokunboh Ismael; and Idris Alubankudi, among others.
“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,” said Olu Oyinsan, Oui Capital`s managing partner.
The firm will write initial checks of up to US$750,000, with reserves in place for follow-on investments. Oui Capital also plans to make more investments in North Africa and Francophone Africa.