The Oui Capital Mentors Fund II, the second fund from Oui Capital, launched today. The Africa-focused VC firm wants to increase its footprint in the African tech ecosystem.
Oui Capital’s portfolio currently backs 18 companies, in line with its mission to support African tech entrepreneurs who are building for the continent. But according to Oyinsan, there is still room for improvement.
He believes that the firm has been very intentional about the companies Oui Capital chooses to back with seed funding. Their portfolio companies include alternative startups like Herconomy, a female-focused community-based fintech, and AWA Bike, a bike-sharing company.
Oyinsan wants to expand Oui Capital’s focus to North Africa and francophone Africa, signalling the firm’s first investment in these regions. The firm has also invested in companies from Nigeria, Kenya, Senegal, Egypt, and South Africa.
Oyinsan and Francesco Andreoli co-founded and launched Oui Capital in 2018. The pair previously co-founded an internet startup called Wifi Monkey. Oyinsan started his career in commercial banking with Guaranty Trust Bank before acquiring an MBA in finance and strategy from Hult Business School. He returned to Nigeria in 2017 after consulting with Forrester Research and the Early Stage Practice at Silicon Valley Bank.
According to Oyinsan, Oui Capital distinguishes itself by the type of support that it offers to companies. For younger companies, the firm functions as a sounding board for strategy formulation, go-to-market strategy, and even helping to identify some early hires.
“As they start to gain traction, we help introduce them to follow on investors and help with operational support through our experienced team and our pool of mentors. Our mentor pool is a group of senior executives and entrepreneurs committed to giving our portfolio companies operational support.” Oyinsan adds that most of these mentors are also investors in the fund.
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