Oui Capital has announced the closing of its $30 million second fund, Oui Capital Mentors Fund II, as it seeks to strengthen its presence in Africa.
The Africa-focused VC firm, launched its debut fund at $10 million. Since then, the firm has made 18 investments in tech companies within Africa such as fintech, logistics & mobility, e-commerce, healthcare, and enterprise software. Some notable tech companies include TeamApt, MVX, Akiba Digital, Duplo, Ndovu, Maad, Intelligra, Aifluence, and Pharmacy Marts.
Oui Capital made eight investments in 2021 and this second fund signals the firms intention to continue making investments within the African tech ecosystem. The announced $30 million fund will back sub-Saharan startups in the pre-seed and seed stages. The firm expects to complete the final close by Q4 2022.
According to a statement shared with TechCrunch, Olu Oyinsan, Managing Partner at Oui Capital, the firm will be looking to cover the full spectrum of investments before Series A, including bridge rounds, an activity it will amplify, particularly during this current venture capital crunch. In relating news, Zedcrest Capital, another VC firm, launched a $10 million ’emergency fund’ to bail out startups in pre-Series A stages last week.
From this new fund, Oui Capital intends to write initial checks of up to $750,000 with reserves in place for such follow-on investments. “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,” Oyinsan added.
Oui Capital’s second fund welcomed a mix of individual and VC investors as limited partners. Individual investors such as Brad Feld, Seth Levine, and Ryan McIntyre (Foundry Group’s partners), Gbenga Oyebode, Alitheia Capital’s Tokunboh Ismael, Idris Alubankudi, and TeamApt CEO Tosin Eniolorunda participated.