Oui Capital

# Oui Capital: Africa's Early-Stage Tech Catalyst

High-Level Overview

Oui Capital is an Africa-focused venture capital firm dedicated to backing bold entrepreneurs building technology-enabled solutions across the continent.[1][2] The firm's mission centers on addressing a critical market inefficiency: the substantial gap between Africa's high-growth potential and the scarcity of smart capital willing to fund early-stage ventures. Rather than waiting passively for deal flow, Oui Capital positions itself as "one of the first 'yeses' entrepreneurs hear" as they embark on their startup journey.[6]

The firm's investment philosophy reflects a deep conviction in Africa's structural advantages. With a growing young population and skyrocketing internet and smartphone penetration, the continent presents enormous opportunity for technology-driven solutions.[1] Oui Capital targets post-ideation and pre-Series A companies, focusing on sectors where technology can create outsized impact: digital trade (transportation, logistics, and e-commerce), business software, human capital development through EdTech and HealthTech, and financial technology.[2] To date, the firm has raised $40 million across two funds and invested in more than 20 pre-seed and seed-stage startups, with a portfolio comprising 26 total investments as of mid-2024.[3]

Core Differentiators

Selective, High-Conviction Investing

Oui Capital maintains an acceptance rate of just 2%—lower than Harvard's 3.4%—reflecting an exceptionally rigorous investment process.[3] This selectivity signals deep domain expertise and a willingness to pass on deals that don't meet exacting standards, rather than deploying capital indiscriminately.

Founder-Centric Support Model

Beyond capital deployment, Oui Capital has evolved to play multiple roles in its portfolio companies' success. As venture funding has contracted across Africa over the past two years, the firm has adapted by functioning not only as an investor but as a co-operator and therapist to founders.[3] This hands-on approach recognizes that early-stage African startups face structural challenges—currency volatility, regulatory uncertainty, macroeconomic headwinds—that require active partnership, not passive capital.

Deep Technical and Operational Expertise

The firm's leadership combines complementary skill sets. Olu brings experience as a founder, technology banker, and researcher with African startup investing experience dating back to 2017, while Francesco contributes deep technical expertise as an ETH engineer and founder with passion for emerging markets.[4] This blend of operational, financial, and technical acumen enables the team to provide substantive value beyond capital.

Thematic Focus on High-Impact Sectors

Rather than pursuing a generalist approach, Oui Capital concentrates on sectors with clear multiplier effects: digital trade (addressing logistics and commerce inefficiencies), business software (enabling productivity), human capital development (through education and healthcare technology), and fintech (democratizing financial services). This focus allows the team to develop deep sector knowledge and build valuable networks within each vertical.

Role in the Broader Tech Landscape

Oui Capital operates at the intersection of two powerful trends: the maturation of African tech entrepreneurship and the growing recognition that Africa-focused investors possess unique competitive advantages. While venture capital has historically concentrated in North America and Western Europe, a new cohort of investors has emerged who understand that success in Africa requires navigating structural complexities—currency devaluation, regulatory fragmentation, infrastructure constraints—that generalist investors often underestimate.

The firm's existence reflects a broader market correction. For years, African startups faced a "missing middle" problem: abundant pre-seed capital from accelerators and angel investors, but a dramatic funding cliff at the seed stage. Oui Capital directly addresses this gap, functioning as a bridge for companies that have achieved product-market fit but lack the track record to attract traditional Series A investors. This positioning is particularly valuable given that Nigeria, Kenya, Egypt, and South Africa—the continent's primary venture destinations—have all experienced currency devaluations that reduce both founder purchasing power and the effective value of foreign capital.[3]

Beyond individual portfolio success, Oui Capital influences the broader ecosystem by demonstrating that disciplined, thematic venture investing can work in Africa. By maintaining rigorous standards and transparent communication about both opportunities and risks, the firm helps professionalize African venture capital and attract additional quality capital to the continent.

Quick Take & Future Outlook

Oui Capital is well-positioned to become a defining institution in African venture capital over the next five years. The firm's combination of founder empathy, technical depth, and thematic focus creates a durable competitive advantage in an increasingly crowded market. As more global capital flows toward Africa and as African founders gain confidence in local investors who understand their context, Oui Capital's early-mover advantage and reputation for selectivity should translate into stronger deal flow and higher portfolio success rates.

The key variable shaping the firm's trajectory will be macroeconomic stability across its core markets. Currency volatility and regulatory uncertainty remain headwinds, but these same challenges create opportunities for founders building solutions to these problems—precisely the companies Oui Capital backs. If the firm can guide its portfolio through the current challenging environment and deliver exits or strong growth outcomes, it will validate the thesis that venture capital, when applied thoughtfully to the right businesses in the right markets, remains a viable and powerful tool for African entrepreneurship.