Senegal's sovereign wealth-backed investment vehicle, Oyass Capital, has made its debut investment, signaling a fresh chapter in public-private collaboration for tech growth in West Africa. The fund’s first deployment includes a $3 million investment in Dakar-based digital health startup Eyone Medical, part of a broader $4.4 million round that also includes agri-food company Dimbaya. This move marks a pivotal shift as the government steps in as a direct financier of innovation-led businesses.
Backing Homegrown Innovators in Strategic Sectors
The announcement was made during an official launch event at the King Fahd Palace Hotel in Dakar, attended by fund managers, government representatives, and entrepreneurs. Oyass Capital, a $89 million SME-focused private equity fund, is sponsored by the Senegalese Sovereign Strategic Investment Fund (FONSIS) and co-funded by global partners including Germany’s KfW and the World Bank. The fund aims to support Senegalese companies with catalytic capital to drive transformation in key sectors, including health, agriculture, and infrastructure.
Eyone Medical: Pioneering Digital Health Solutions
Founded in 2015 by Henri Ousmane Gueye and John Diatta, Eyone Medical develops interoperable software that digitizes and centralizes patient health records for clinics and hospitals. Its flagship platform, Dossier Patient Unique Partagé (Shared Patient Record), is already deployed across Senegal and is expanding into neighboring countries, including Mali, Côte d’Ivoire, and Cameroon, as well as Gabon and France. With over 60 clients, including telecom leader Sonatel, Eyone is emerging as a key player in the African healthtech space.
A Solution to Fragmented Healthcare Systems
Eyone’s technology addresses critical inefficiencies in healthcare delivery, such as disjointed medical records, duplicative diagnostics, and the absence of real-time clinical data. These issues often translate into delayed treatments, higher costs, and suboptimal patient outcomes. By offering a secure, centralized, and accessible digital patient profile, Eyone enables doctors to work with complete medical information and reduces administrative burdens on both patients and providers.
Fueling Growth with Strategic Capital and AI Integration
The new funding from Oyass Capital will be used to strengthen Eyone’s technical infrastructure, integrate AI tools, and grow its sales presence across Francophone West Africa. The investment follows a $1 million round earlier this year led by Sonatel’s Venture Innovation Fund (VIF), with participation from BICIS, the Senegalese arm of BNP Paribas. According to Gueye, the fresh capital injection validates the company's business model and equips it to scale more sustainably across the region.
The Rise of State-Backed Venture Support in Francophone Africa
The investment in Eyone reflects a broader trend among Francophone African governments that are increasingly positioning themselves as venture catalysts, not just regulators. In Côte d’Ivoire, for instance, digital banking startup Djamo raised $1.3 million from state-backed CDC-CI Capital to expand its virtual card offerings and customer base. This shift towards active participation in early-stage financing is creating new momentum for startups in regions traditionally underserved by private capital.
Looking Ahead: Oyass Capital’s Broader Investment Strategy
With just under 6% of its committed capital deployed so far, Oyass Capital is still early in its investment journey. Managed by U.S.-based SEAF, the fund plans to make equity and quasi-equity investments ranging from $830,000 to $4.1 million per company, focusing on building long-term value over five to seven years. Strategic support will be offered to help portfolio companies evolve into national and regional leaders in their respective sectors.
For Eyone Medical, the investment offers both validation and acceleration toward its goal of transforming healthcare across West Africa. For Oyass Capital, it marks the beginning of a mission to elevate local SMEs through focused, strategic financing. As more sovereign-backed funds like Oyass emerge across Africa, the future of tech innovation may increasingly be shaped by national priorities working hand-in-hand with private expertise.