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Africa-focused early stage venture capital (VC) fund Oui Capital has signed a two-year partnership with IT giant IBM to provide up 10 companies affiliated with the investor with $120 000 each in IBM Cloud credits.
The credits will be transferred to the 10 companies via the Startup with IBM programme.
In addition, through the partnership, Oui Capital will also provide secure access to IBM tools to integrate solutions with leading-edge technologies and help deliver more value to its portfolio companies.
The US-based $10-million fund was founded in 2017 by Olu Oyinsan (pictured above) and Francesco Andreoli.
Startups affiliated with Oui Capital will be able to showcase solutions on IBM Marketplace and to IBM’s global network
Oui Capital said in a statement earlier this month that the cloud credits will allow clients to access to over 130 services and tools.
These services and tools include artificial intelligence (AI), IBM’s Watson suite, Internet of Things, advanced data analytics, developer tools and educational resources.
In addition, the credits also come with technical support to aid in building solutions.
The partnership will also allow startups affiliated with Oui Capital to showcase their solutions on IBM Marketplace and to IBM’s customer network globally.
IBM offering leader Felix Ekwueme, commenting in the same statement, said the company’s goal for the partnership is to clear the technological hurdle for more diverse entrepreneurs.
“We strongly believe that innovation has no country of origin, which is why we are happy to support Oui Capital’s mission to empower companies on the African continent,” added Ekwueme.
Oui Capital said in an email yesterday (22 July) that its portfolio currently consists of two startups. These are Lagos-based on-demand B2B maritime service Motor Vessel Xchange (MVX) and Nigerian bike sharing startup Awabike.
Earlier this year, Oyinsan told Ventureburn the fund is looking to invest in a total of six to eight startups in Nigeria, Kenya and South Africa (see this story).
The fund, he said at the time, will make initial investments of $100 000 in fintech, edtech, healthtech, mobility and logisitics as well as marketplace ventures. Those looking to tap this funding can do so here.
Featured image: Managing partner of Oui Capital Olu Oyinsan