Nigerian-based Africa-focused venture capital Oui Capital has launched a US$30 million fund to power tech start-ups in Africa.
The fund, dubbed the Oui Capital Mentors Fund II is the company’s latest investment vehicle after investing in 18 high-growth tech start-ups across seven African countries over the last four years.
Oui Capital was founded in 2018 by Nigerian, Olu Oyinsan, who left his high-profile role at Ingressive Capital to kickstart OUI to support early-stage founders in Nigeria and sub-Saharan Africa.
With this latest fund, Oui Capital intends to deepen its investment portfolio by supporting pre-seed and seed-stage companies in Africa. It will now be able to write cheques of up to $750,000 and expand its investments to more startups in North and francophone Africa.
The company also told TechCabal that from this new fund, it plans to say yes—or oui—to 30 early-stage startups.
Oui Capital’s latest fund emphasises the narrative that investment in African startups are soaring exponentially, sharply contrasting the decline in other parts of the world. In Q2 of 2022, African startups raised 2.25x the amount invested in Q2 2021. However, the majority of these investments come from outside the continent, creating a local financing gap that VCs like Oui Capital are taking strides to bridge.
In line with this, Oui Capital’s latest $30 million fund has a fine mix of local and international investors, underscoring a much-needed trend in the investment ecosystem.
