Friday, May 9, 2025
The Lagos Today
  • Login
  • Home
  • Tech
    NjiaPay: South African Fintech Startup Reshaping Payment Solutions for African Businesses

    NjiaPay: South African Fintech Startup Reshaping Payment Solutions for African Businesses

    Ghana’s Kofa Secures $8.1M Pre-Series A Funding to Drive Clean Energy Access Across Urban Africa

    Ghana’s Kofa Secures $8.1M Pre-Series A Funding to Drive Clean Energy Access Across Urban Africa

    South Africa’s CureRoot Leverages AI to Unlock New Medicines from African Medicinal Plants

    South Africa’s CureRoot Leverages AI to Unlock New Medicines from African Medicinal Plants

    SA’s Peach Payments Expands into Francophone Africa with PayDunya Acquisition

    SA’s Peach Payments Expands into Francophone Africa with PayDunya Acquisition

    Egypt’s Enza Secures $6.75M to Drive Financial Inclusion in Africa

    Egypt’s Enza Secures $6.75M to Drive Financial Inclusion in Africa

    South African Prop-Tech Startup Preferental Unveils Innovative Tenant-Screening App

    South African Prop-Tech Startup Preferental Unveils Innovative Tenant-Screening App

    LoftyInc Capital Secures $43 Million for First Close of New Pan-African Seed Fund

    LoftyInc Capital Secures $43 Million for First Close of New Pan-African Seed Fund

    Stitch Teams Up with Standard Bank’s Shyft for Instant Wallet Top-Ups in South Africa

    Stitch Teams Up with Standard Bank’s Shyft for Instant Wallet Top-Ups in South Africa

    Kenya Takes Action Against TikTok Following Child Exploitation Exposé

    Kenya Takes Action Against TikTok Following Child Exploitation Exposé

  • Startups⚡ by CRAWL
    NjiaPay: South African Fintech Startup Reshaping Payment Solutions for African Businesses

    NjiaPay: South African Fintech Startup Reshaping Payment Solutions for African Businesses

    Ghana’s Kofa Secures $8.1M Pre-Series A Funding to Drive Clean Energy Access Across Urban Africa

    Ghana’s Kofa Secures $8.1M Pre-Series A Funding to Drive Clean Energy Access Across Urban Africa

    South Africa’s CureRoot Leverages AI to Unlock New Medicines from African Medicinal Plants

    South Africa’s CureRoot Leverages AI to Unlock New Medicines from African Medicinal Plants

    Kenyan Tourism Venture Studio Purple Elephant Ventures Increases Seed Round to $5 Million

    Kenyan Tourism Venture Studio Purple Elephant Ventures Increases Seed Round to $5 Million

    SA’s Peach Payments Expands into Francophone Africa with PayDunya Acquisition

    SA’s Peach Payments Expands into Francophone Africa with PayDunya Acquisition

    Egypt’s Enza Secures $6.75M to Drive Financial Inclusion in Africa

    Egypt’s Enza Secures $6.75M to Drive Financial Inclusion in Africa

    GIIG Partners with SparkRockets to Launch AI-Powered Startup Validation Tool

    GIIG Partners with SparkRockets to Launch AI-Powered Startup Validation Tool

    Tanzania’s Kilimo BaNDO Revolutionizes Agriculture for Smallholder Farmers

    Tanzania’s Kilimo BaNDO Revolutionizes Agriculture for Smallholder Farmers

    South African Prop-Tech Startup Preferental Unveils Innovative Tenant-Screening App

    South African Prop-Tech Startup Preferental Unveils Innovative Tenant-Screening App

    LoftyInc Capital Secures $43 Million for First Close of New Pan-African Seed Fund

    LoftyInc Capital Secures $43 Million for First Close of New Pan-African Seed Fund

  • Opinion
  • Business
  • Biotech
  • Industry
    iPhone 16 Sales Surge 20% in China, Signaling a Strong Comeback

    iPhone 16 Sales Surge 20% in China, Signaling a Strong Comeback

    Grid Africa Secures $2.8 Million for Renewable Energy Initiatives in South Africa

    Grid Africa Secures $2.8 Million for Renewable Energy Initiatives in South Africa

    Millennials and Gen Z Show Shorter Tenures Despite Clear Career Paths, New Report Shows

    Millennials and Gen Z Show Shorter Tenures Despite Clear Career Paths, New Report Shows

    Kenya’s Octavia Secures $3.9M Seed Funding to Tackle Carbon Emissions

    Kenya’s Octavia Secures $3.9M Seed Funding to Tackle Carbon Emissions

  • Features & Interviews
  • Entertainment
    • All
    • Art & Design
    • Books
    • Movie
    • Music
    • Sports
    Pick n Pay Set to List Boxer Business in Africa’s Largest IPO of 2024

    Pick n Pay Set to List Boxer Business in Africa’s Largest IPO of 2024

    One Direction Star Liam Payne Dies after Hotel Balcony Fall

    One Direction Star Liam Payne Dies after Hotel Balcony Fall

    It’s important to set boundaries in entertainment industry – Reminisce

    It’s important to set boundaries in entertainment industry – Reminisce

    AFCON 2023: Super Eagles Ready to Face Lions of Cameroon on Saturday – Peseiro

    Flying Eagles moves to Ikenne for camping in prep for 2024 WAFU B U20 Championship in Togo

    EGUAVOEN APPOINTED NIGERIA FOOTBALL FEDERATION TECHNICAL DIRECTOR

    Eguavoen gives conditions for turning Super Eagles interim job to full time role

    Jagun Jagun secures 7 nominations at 2024 AMAA

    Jagun Jagun secures 7 nominations at 2024 AMAA

    Atiku Faults 2020 Budget Review, Urges FG to Prioritize Welfare of Citizens

    Atiku proposes single term of 6-years rotational Presidency

    Oba Elegushi donates 3 standard tennis courts to LASU, reveal reasons behind donation

    Oba Elegushi donates 3 standard tennis courts to LASU, reveal reasons behind donation

    Covid-19: Cinema Operators Decry N22Bn Losses

    FG grants licensing waiver for community cinemas investors – NFVCB

  • Reviews
No Result
View All Result
  • Home
  • Tech
    NjiaPay: South African Fintech Startup Reshaping Payment Solutions for African Businesses

    NjiaPay: South African Fintech Startup Reshaping Payment Solutions for African Businesses

    Ghana’s Kofa Secures $8.1M Pre-Series A Funding to Drive Clean Energy Access Across Urban Africa

    Ghana’s Kofa Secures $8.1M Pre-Series A Funding to Drive Clean Energy Access Across Urban Africa

    South Africa’s CureRoot Leverages AI to Unlock New Medicines from African Medicinal Plants

    South Africa’s CureRoot Leverages AI to Unlock New Medicines from African Medicinal Plants

    SA’s Peach Payments Expands into Francophone Africa with PayDunya Acquisition

    SA’s Peach Payments Expands into Francophone Africa with PayDunya Acquisition

    Egypt’s Enza Secures $6.75M to Drive Financial Inclusion in Africa

    Egypt’s Enza Secures $6.75M to Drive Financial Inclusion in Africa

    South African Prop-Tech Startup Preferental Unveils Innovative Tenant-Screening App

    South African Prop-Tech Startup Preferental Unveils Innovative Tenant-Screening App

    LoftyInc Capital Secures $43 Million for First Close of New Pan-African Seed Fund

    LoftyInc Capital Secures $43 Million for First Close of New Pan-African Seed Fund

    Stitch Teams Up with Standard Bank’s Shyft for Instant Wallet Top-Ups in South Africa

    Stitch Teams Up with Standard Bank’s Shyft for Instant Wallet Top-Ups in South Africa

    Kenya Takes Action Against TikTok Following Child Exploitation Exposé

    Kenya Takes Action Against TikTok Following Child Exploitation Exposé

  • Startups⚡ by CRAWL
    NjiaPay: South African Fintech Startup Reshaping Payment Solutions for African Businesses

    NjiaPay: South African Fintech Startup Reshaping Payment Solutions for African Businesses

    Ghana’s Kofa Secures $8.1M Pre-Series A Funding to Drive Clean Energy Access Across Urban Africa

    Ghana’s Kofa Secures $8.1M Pre-Series A Funding to Drive Clean Energy Access Across Urban Africa

    South Africa’s CureRoot Leverages AI to Unlock New Medicines from African Medicinal Plants

    South Africa’s CureRoot Leverages AI to Unlock New Medicines from African Medicinal Plants

    Kenyan Tourism Venture Studio Purple Elephant Ventures Increases Seed Round to $5 Million

    Kenyan Tourism Venture Studio Purple Elephant Ventures Increases Seed Round to $5 Million

    SA’s Peach Payments Expands into Francophone Africa with PayDunya Acquisition

    SA’s Peach Payments Expands into Francophone Africa with PayDunya Acquisition

    Egypt’s Enza Secures $6.75M to Drive Financial Inclusion in Africa

    Egypt’s Enza Secures $6.75M to Drive Financial Inclusion in Africa

    GIIG Partners with SparkRockets to Launch AI-Powered Startup Validation Tool

    GIIG Partners with SparkRockets to Launch AI-Powered Startup Validation Tool

    Tanzania’s Kilimo BaNDO Revolutionizes Agriculture for Smallholder Farmers

    Tanzania’s Kilimo BaNDO Revolutionizes Agriculture for Smallholder Farmers

    South African Prop-Tech Startup Preferental Unveils Innovative Tenant-Screening App

    South African Prop-Tech Startup Preferental Unveils Innovative Tenant-Screening App

    LoftyInc Capital Secures $43 Million for First Close of New Pan-African Seed Fund

    LoftyInc Capital Secures $43 Million for First Close of New Pan-African Seed Fund

  • Opinion
  • Business
  • Biotech
  • Industry
    iPhone 16 Sales Surge 20% in China, Signaling a Strong Comeback

    iPhone 16 Sales Surge 20% in China, Signaling a Strong Comeback

    Grid Africa Secures $2.8 Million for Renewable Energy Initiatives in South Africa

    Grid Africa Secures $2.8 Million for Renewable Energy Initiatives in South Africa

    Millennials and Gen Z Show Shorter Tenures Despite Clear Career Paths, New Report Shows

    Millennials and Gen Z Show Shorter Tenures Despite Clear Career Paths, New Report Shows

    Kenya’s Octavia Secures $3.9M Seed Funding to Tackle Carbon Emissions

    Kenya’s Octavia Secures $3.9M Seed Funding to Tackle Carbon Emissions

  • Features & Interviews
  • Entertainment
    • All
    • Art & Design
    • Books
    • Movie
    • Music
    • Sports
    Pick n Pay Set to List Boxer Business in Africa’s Largest IPO of 2024

    Pick n Pay Set to List Boxer Business in Africa’s Largest IPO of 2024

    One Direction Star Liam Payne Dies after Hotel Balcony Fall

    One Direction Star Liam Payne Dies after Hotel Balcony Fall

    It’s important to set boundaries in entertainment industry – Reminisce

    It’s important to set boundaries in entertainment industry – Reminisce

    AFCON 2023: Super Eagles Ready to Face Lions of Cameroon on Saturday – Peseiro

    Flying Eagles moves to Ikenne for camping in prep for 2024 WAFU B U20 Championship in Togo

    EGUAVOEN APPOINTED NIGERIA FOOTBALL FEDERATION TECHNICAL DIRECTOR

    Eguavoen gives conditions for turning Super Eagles interim job to full time role

    Jagun Jagun secures 7 nominations at 2024 AMAA

    Jagun Jagun secures 7 nominations at 2024 AMAA

    Atiku Faults 2020 Budget Review, Urges FG to Prioritize Welfare of Citizens

    Atiku proposes single term of 6-years rotational Presidency

    Oba Elegushi donates 3 standard tennis courts to LASU, reveal reasons behind donation

    Oba Elegushi donates 3 standard tennis courts to LASU, reveal reasons behind donation

    Covid-19: Cinema Operators Decry N22Bn Losses

    FG grants licensing waiver for community cinemas investors – NFVCB

  • Reviews
No Result
View All Result
The Lagos Today
No Result
View All Result
Home Tech

Pan-African firm, Oui Capital hits $30m second fund

by Eucharia Egwuma
August 1, 2022
in Tech
Reading Time: 5 mins read
0
0
Pan-African firm, Oui Capital hits $30m second fund
Share on FacebookShare on Twitter

Oui Capital, a Pan-African VC firm based in Lagos and Massachusetts, announced that it has completed the first closing of its $30 million second fund named Oui Capital Mentors Fund II, as it seeks to strengthen its presence on the continent.

The firm, founded in 2019 by Olu Oyinsan and Francesco Andreoli, launched its debut fund at $5 million. Since then, Oui Capital has made 18 investments in technology sectors spanning different industries such as fintech, logistics & mobility, e-commerce, healthcare, and enterprise software. Some names include TeamApt, MVX, Akiba Digital, Duplo, Ndovu, Maad, Intelligra, Aifluence and Pharmacy Marts.

Oui Capital made eight investments last year and this second fund signals the VC’s intention to keep up with that pace. The $30 million fund, just like the first, will back sub-Saharan startups in the pre-seed and seed stages. So far, the firm has reached its first close at a little over $11 million and expects to complete the final close by Q4 2022.

Managing partner Oyinsan, in an interview with TechCrunch, said Oui Capital’s first fund delivered early solid returns, with a MOIC (multiple on invested capital) in excess of 7 times. He said that one of the reasons why the firm managed to accomplish this lies in the “sparks” that determine which startup to invest in or not: team, market, knowledge of the customer and tech, and customer enthusiasm.

But even though firms follow a manual (like Oui Capital and its aforementioned investment strategies), not all deals turn out great eventually. Oui Capital provides more extensive support for some of these startups by driving partnerships and sales, facilitating hires and providing bridge investments. With respect to follow-on capital, the managing partner said Oui Capital makes such investments proactively as part of the firm’s ongoing portfolio monitoring. As it stands, Oui Capital has made follow-on investments in about 20% of its portfolio companies.

“We go the extra mile with founders whom we partner with and this is why we maintain a relatively smaller portfolio compared to many seed funds. However, there is a critical distinction between the responsibilities of a VC as an investor and as a fund manager,” said the managing partner.

“Being an investor begets the type of die-hard optimism and support as earlier described. Being an effective fund manager also puts the fiduciary responsibility on you to know when to stop devoting scarce resources to problems that might prove too difficult to fix and dedicate these resources to higher-performing companies in your portfolio to minimize losses and maximize investor value.”

Though economic cycles like the one the startup world is experiencing are usually short to medium-term, Oyinsan echoes what local investors have communicated these past few months: the return of sticking to first principles and backing companies with strong fundamentals, unit economics, and valuation discipline. This event has created an opportunity for investors, including Oui Capital, to invest up the chain, especially now that it has newly infused capital.

According to Oyinsan, 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 (a 10x increase from the ticket size of its first fund) 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.

As one of the largest fintechs in Africa (in revenue and market cap), TeamApt is, for now, the breakout success of Oui Capital’s portfolio. The fintech, which according to sources, is in the market to raise a Series C round next year, stands as one of the continent’s lauded soonicorns. Thus, Eniolorunda becoming a limited partner at the firm is worthy of admiration as it is such a rare feat in these parts for founders to become LPs in the funds that backed their startups. Another example is Paystack CEO Shola Akinlade and pan-African early-stage fund, Ventures Platform.

“It’s a great feedback loop for us as a VC firm and speaks to the strength of our working relationship with TeamApt in the years even before our investment in the company,” Peter Oriaifo, principal at Oui Capital, told TechCrunch on Eniolorunda’s LP participation. “The founder-investor relationship is a testament of our work to back a founder at the seed stage and to see the company succeed to a point where they want to pay it forward.”

Oui Capital invested in TeamApt when the fintech company was under the radar and before attracting the attention of other investors. Its success is one of the inspirations behind Oui Capital’s pan-African approach. The firm is keen to make novel investments into startups it believes can become winners in their respective countries and sectors, said Oyinsan. Oui Capital highlights Maad (the first B2B marketplace for fast-moving consumer goods in Senegal ) and Pharmacy Marts (a B2B marketplace for pharmacies in Egypt) as examples.

As a result, the African countries where Oui Capital has made at least one investment include Nigeria, Kenya, Senegal, Egypt, and South Africa. The firm plans to make more investments in North Africa and Francophone Africa, regions that witnessed increasing startup and venture capital activity last year when African tech funding hit record highs in correlation with global numbers.

“Our pan-African strategy has made us a fund of choice for global LPs looking for exposure to the broader Africa opportunity without having to get into the weeds of understanding different regions separately,” stated Oyinsan. The global VCs involved in this second fund include Angur Nagpal’s Vibe Capital, D Global ventures, Boston-based One Way Ventures and Ground Squirrel Ventures.

Share this:

  • Facebook
  • X

Like this:

Like Loading...
Tags: FintechFintech in AfricaFintech in LagosFintech in NigeriaOui Capital
Previous Post

We’re Prepared For Terrorists’ Attack On Lagos – PPRO Boasts

Next Post

SSS reportedly Arrests Boko Haram Leader in Ogun

Eucharia Egwuma

Eucharia Egwuma

Related Posts

NjiaPay: South African Fintech Startup Reshaping Payment Solutions for African Businesses

NjiaPay: South African Fintech Startup Reshaping Payment Solutions for African Businesses

by Iyanu Ale
May 5, 2025
0

In a move poised to transform how African businesses manage financial transactions, South African fintech startup NjiaPay is streamlining payments...

Ghana’s Kofa Secures $8.1M Pre-Series A Funding to Drive Clean Energy Access Across Urban Africa

Ghana’s Kofa Secures $8.1M Pre-Series A Funding to Drive Clean Energy Access Across Urban Africa

by Iyanu Ale
May 2, 2025
0

Ghanaian energy tech startup Kofa has successfully raised $8.1 million in a pre-Series A funding round to scale its AI-powered...

Next Post
DSS Allegedly Summons #EndSARS Convener, Feyikemi Abudu

SSS reportedly Arrests Boko Haram Leader in Ogun

Please login to join discussion

Recommended

NDLEA Nabs Dispatch Rider with Drug-Laced Cakes on Lagos-Ibadan Expressway

NDLEA Nabs Dispatch Rider with Drug-Laced Cakes on Lagos-Ibadan Expressway

4 years ago
Food Prices Increase as Nigeria’s Inflation Climbs To 14%

Nigeria’s inflation hits 20.52% in August

3 years ago

Popular News

    Connect with us

    Tags

    #EndSARS 2023 Elections 2023 polls 2023 Presidency ACCIDENT Africa All progressives Congress APC Asiwaju Bola Tinubu Babajide Sanwo-Olu CBN Central Bank of NIgeria Central Bank of Nigeria (CBN) Coronavirus pandemic Covid-19 Covid-19 in Lagos Covid-19 in Nigeria Covid-19 Vaccine Cryptocurrency Economic and Financial Crimes Commission EFCC Federal Government Federal Government of Nigeria Fraud Gov. Sanwo-Olu House of Representatives Lagos-Ibadan expressway Lagos state Lagos State Government Lagos State House of Assembly Lagos State Police command Muhammadu Buhari Murder Naira NDLEA Nigeria Nigeria Customs Service Nigerian Economy Nigeria Police Force Rape Strike action TECH UK United Kingdom US

    News

    • Industries
    • National
    • Startups
    • Biotechnology

    Opinion

    • Editorials
    • Today’s Opinion
    • Letters
    • Sunday Review
    • Advertise
    • Opinion
    • Features & Interviews
    • Investigation
    • Contact

    © 2020 The Lagos Today - Nkali.

    Welcome Back!

    Login to your account below

    Forgotten Password?

    Retrieve your password

    Please enter your username or email address to reset your password.

    Log In
    No Result
    View All Result
    • Tech
    • Business
    • Biotech
    • Startups
    • Entertainment
    • Feature & Interviews
    • Reviews
    • Opinion

    © 2020 The Lagos Today - Nkali.

    %d