Africa-focused venture capital firm, Oui Capital has announced the launch of its second fund, Oui Capital Mentors Fund II, looking to build on the success of its debut investment vehicle and strengthen its presence on the continent.
From its debut fund, Oui Capital backed 18 companies spanning different industries such as fintech, logistics and mobility, e-commerce, healthcare, and enterprise software, in markets such as Nigeria, Kenya, Senegal, Egypt, and South Africa.
With the new fund, the firm is looking to double down on its mission, leveraging local context, capital, and an expansive network to help founders build scalable businesses that solve some of the biggest challenges on the continent.
The firm has reached an undisclosed first close of the $30 million fund, with investors including global venture capital funds such Angur Nagpal’s Vibe Capital, D Global Ventures, One Way Ventures, and Ground Squirrel Ventures.
The firm will write initial checks of up to $750,000, with reserves in place for follow-on investments. Oui Capital also plans to make more investments in North Africa and Francophone Africa.