A former Investment Vice President at Ingressive Capital, Olu Oyinsan has launched Oui Capital to provide funding for high growth tech startups in Africa.
Oui Capital is a $10 million fund established by Oyinsan and other partners towards bridging the funding gap for African startups by offering pre-series A financing. Oyinsan -- the Oui Capital Managing Partner -- believes that the availability of funding for early-stage ventures in the continent is pertinent to creating wealth and impact.
With AWA Bike and MVXchange currently in its portfolio, the fund is expected to provide between $50,000 and $150,000 for eight African startups with strong growth and impact potential annually.
Speaking about the fund, Francesco Andreoli revealed that interaction with 100 technology entrepreneurs on the continent proved that access to early-stage funding is one of the major setbacks. Andreoli -- a former software engineer at IBM and Techstars mentor -- is a founding venture partner of Oui Capital.
The focus of the capital is on companies that are providing scalable solutions to address problems that are peculiar to Africa. And beyond providing capital for these startups, there's also a Mentor's Fund that will power mentorship services from industry experts to the Oui Capital's investee companies.
"This fund combines the solutions to the two most pressing challenges of African entrepreneurs today -- access to funding and lack of high-quality mentors/advisors,” Andreoli said.
If you think your early-stage venture has the potential to grow while also making an impact on the continent, apply here.
Do note that the fund is targeted at startups in Nigeria, Kenya and South Africa which are playing in sectors like fintech, mobility, healthcare, education and two-sided marketplaces.