While there were many memes born from the inauguration of US President Joe Biden on 20 January, none have proven as prolific as Bernie…
Are you a pre-Series A tech company valued at or below $5-million that has a scalable solution with potential to impact Africa’s people? Then you might be the kind of startup that US-based venture capital (VC) firm Oui Capital is looking to invest in.
The $10-million fund, which was established in 2017 by managing partner Olu Oyinsan (pictured above ) — former vice president at Ingressive Capital — and venture partner Swiss engineer Francesco Andreoli, will back startups that are first movers geographically or in the product or service they sell.
Oyinsan told Ventureburn in an email yesterday (10 January) that Oui Capital was formed out of “the imbalance” that exists between high-growth tech startups in Sub-Saharan Africa and the smart capital that is taking advantage of these firms.
Oui Capital is looking to invest in six to eight startups in Nigeria, Kenya and South Africa this year
“We believe the African continent is going through an economic transformation similar to the Asian boom of a decade ago and there is a significant opportunity for visionary investors to finance this transformation that will result in wealth creation and social impact,” he said.
Oyinsan explained that the fund works with a pool of mentors who, he said, are subject matter experts in “critical needs areas” for young companies. The mentors also double as advisors for Oui Capital’s portfolio companies, a service they provide for no cost.
“Our goal is to help entrepreneurs in every way possible to scale their impact,” he said.
Oyinsan declined to disclose just how much Oui Capital has invested in the two startups. “Yet to be announced. Will confirm as soon as we can get the go (ahead) from these companies to announce specific numbers,” he said.
He however said the firm will make initial investments of $100 000 in fintech, edtech, healthtech, mobility and logisitics as well as marketplace ventures.
“We’re looking to invest in a total of six to eight startups located in Nigeria, Kenya and South Africa, but will also consider opportunistic investments in other Sub-Saharan African countries,” said Oyinsan.
Editor’s note (27 May 2019):Oui Capital managing partner Olu Oyinsan told Ventureburn in an email on 24 May that the pre-seed round it led in MVXchange had begun in January. The deal was only concluded in May. (See this story).
Featured image: Oui Capital co-founder and managing partner Olu Oyinsan (Supplied)