Lagos-based venture capital firm Oui Capital has quietly emerged as one of Africa’s most efficient early-stage backers. Founded in 2019, the two-partner outfit has already achieved what many young funds—on the continent and globally—struggle to do: return its debut vehicle in full. On the strength of a partial exit from Nigerian fintech unicorn Moniepoint, the $4 million Fund I has been repaid, underscoring the firm’s contrarian thesis that Africa’s technology landscape would mirror Southeast Asia’s rapid evolution.
Founding Story and Leadership
Oui Capital was co-founded by Olu Oyinsan and Francesco Andreoli, whose complementary backgrounds anchor the firm’s analytical rigor. Oyinsan cut his teeth in commercial banking with Guaranty Trust Bank before stints at Forrester and Silicon Valley Bank, where he shepherded technology start-ups through debt and equity raises. His MBA from Hult International Business School sharpened his focus on fintech and network-driven platforms—interests reflected in early bets on Paystack and Tizeti.
Andreoli, an ETH-trained engineer turned serial entrepreneur, brings deep technical expertise. From founding micro-insurance start-up Myinsurance in Switzerland to co-creating a renewable-energy crypto-mining facility later acquired by Petawatt Group, his résumé spans six continents and six languages. At Oui Capital, he leads the technical and software diligence that informs every deal.
Focused Investment Strategy
“We make a select number of investments driven by both conviction and our ability to add value,” the partners note—a philosophy visible in the firm’s portfolio companies. Oui Capital writes initial cheques of up to $750,000, concentrating on pre-seed through Series A rounds across e-commerce, mobility, logistics, enterprise software, healthtech, edtech, and fintech. All deals fall within Africa, where the partners believe structural tailwinds will create outsized opportunities for technology scale-ups over the next decade.
Execution discipline is equally tight. A typical opportunity moves from qualification to term-sheet in roughly five weeks, passing two partner meetings, a formal investment committee, and legal review. That cadence has allowed the team to stay nimble while maintaining a high-touch approach with founders.
Fund Performance and Exits
Oui Capital’s investment approach has already delivered two exits. The headline achievement is the partial sale of its Moniepoint stake, an early $150,000 position that produced $8 million—enough to repay Fund I in its entirety. Such a feat is rare among emerging-manager VCs especially within Africa’s still nascent ecosystem.
A second liquidity event arrived in March 2025, when portfolio company AMOpportunities was acquired by AIM Equity Partners. Combined, the transactions validate the firm’s emphasis on concentrated bets and signal growing maturation in African venture capital, where full-cycle returns remain scarce.
Scaling Through Fund II
On the heels of Fund I’s success, Oui Capital announced Fund II in 2022 with an initial target of $30 million. The close ultimately landed at $12 million, a size the partners view as sufficient for backing roughly 30 start-ups while maintaining meaningful reserves. With portfolio construction under way, Oyinsan hints that a third fund could open later this year, though he stresses that the firm is “in no rush” given its strong capital position.
Community-Building Initiatives
Beyond cheque-writing, Oui Capital invests in the ecosystem itself. OuiTalkTech, its annual showcase in Lagos, convenes more than 200 investors, entrepreneurs, and regulators over two days of product demos and policy dialogue. The lighter-hearted Startup Cup football tournament offers founders and funders a chance to unwind and network on the pitch—illustrating the firm’s belief that lasting ventures are forged in community as well as in boardrooms.
Outlook
With headquarters in Lagos but a mandate that spans the continent, Oui Capital is positioning itself at the center of Africa’s next wave of breakout companies. A disciplined strategy, two validated exits, and an expanding pool of dry powder give the firm momentum as it scouts fresh opportunities in fintech, logistics, healthtech, and beyond. Should Fund II replicate or exceed the performance of its predecessor, Oui Capital could redefine expectations for what an early-stage African VC can deliver.
Five years after launching with a hypothesis and a $4 million fund, Oui Capital has progressed from ambitious newcomer to proven steward of capital. Its ability to generate full-fund returns, cultivate a pipeline of high-growth ventures, and foster a collaborative ecosystem positions the firm as an exemplar in Africa’s evolving tech investment landscape. As the partners prepare for the next chapter—guided by the same focus and conviction that marked their early bets—Oui Capital stands out as a compelling “Investor of the Week” and a barometer of the continent’s rising venture potential.