Pan African Early-stage VC firm, Oui Capital has raised the first close of its $30 million second fund, Oui Capital Mentors Fund II led by Angur Nagpal’s Vibe Capital, D Global ventures, Boston-based One Way Ventures, and Ground Squirrel Ventures.
The round also had individual investors like Brad Feld, Seth Levine, and Ryan McIntyre of Foundry Group’s partners, Gbenga Oyebode, Alitheia Capital’s Tokunboh Ishmael, and Idris Alubankudi, and TeamApt CEO Tosin Eniolorunda participated.
Founded in 2019 by Olu Oyinsan and Francesco Andreoli, Oui Capital, the VC form says it will use the fund to drive its expansion across Africa and back Sub-Saharan startups in pre-seed and seed stages.
The firm has made 18 investments in various technology sectors and African startups like TeamApt, MVX, Akiba Digital, Duplo, Ndovu, Maad, Intelligra, Aifluence and Pharmacy Marts.
As of now, the firm has reached its first close at a little over $11 million and expects to complete the final close by Q4 2022.
Oui Capital will provide up to $750,000 which is 10 times more than the cheque size of its first fund with plans for follow-on investments. Apart from funding, Oui Capital also provides more extensive support for some of these startups by driving partnerships and sales, facilitating hires, and providing bridge investments. The company also disclosed it has made available 20% follow-on investments for its portfolio companies.
Speaking on the funding, Managing Partner, Oyinsan in an interview with Techcrunch said, “Expect us to be leading many more deals across the ecosystem and vocalizing firm initiatives — all things that we’ve been doing quietly in the past four years, but now looking to double down on these with the new fund.”