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Oui Capital, a Lagos-based early-stage venture capital firm, has made history by returning its 2019 vintage fund to investors.

Co-founders Olu Oyinsan and Francesco Andreoli took a bet five years ago, and it paid off. They invested $150,000 for a 1.2% stake in Nigeria’s Moniepoint. When the fintech finally achieved unicorn status, Oui Capital partially exited its $150,000 investment and returned $8 million—enough to return its first fund twice to investors.

This is the first time an African venture fund has achieved this milestone. This accomplishment is not only about financial success. It is about changing the narrative of African tech and proving that early-stage startups on the continent can achieve remarkable exits and deliver significant returns.

“Oui Capital’s recent return of nearly the entirety of its 2019 vintage fund is a remarkable achievement,” said Seth Levine, an Oui Capital investor and partner at the VC firm Foundry. “It’s a validation of early-stage investing in Africa, but its impact extends far beyond the continent. As global capital markets increasingly look toward emerging ecosystems, this milestone validates the broader investment thesis of deploying capital in emerging and frontier markets.”

Strategic Vision and Local Market Insight

Oui Capital’s success lies in its strategic vision and deep understanding of local markets. The firm follows an adaptive investment strategy that focuses on resilience. It is highly selective, approving only 2 percent of thousands of applications. This approach ensures they invest in startups with strong business models capable of navigating Africa’s dynamic economy.

“Six years ago, we saw what many overlooked—talented African founders weren’t getting the access or opportunities they deserved,” said Oyinsan, Managing Partner at Oui Capital. “At Oui Capital, we set out to change that. We don’t just invest capital; we invest in people, rolling up our sleeves to help bold, visionary founders build companies that reshape industries. The opportunity in diversity is real, and we’re proving that every day.”

Oui Capital focuses on early-stage startups across emerging markets. The firm currently backs 22 companies across key growth sectors, with 30 percent of Fund I investments going to female founders. By targeting startups in high-growth sectors and supporting diverse leadership, Oui Capital is driving inclusive growth across the continent.

Oui Capital launched its first fund, Mentors Fund I, in 2019 with $4 million. The fund strategically invested in startups across Nigeria, Egypt, Senegal, Kenya, and South Africa. Among its notable portfolio companies is Moniepoint, which recently achieved unicorn status. Other industry leaders in its portfolio include Duplo, Maad, Intelligra, PharmacyMarts, and Matta, Africa’s leading B2B chemical marketplace.

The firm’s commitment to inclusive growth is evident not only in the diverse geographies it supports but also in its focus on backing female-led startups. With 30 percent of its investments in Fund I going to women founders, Oui Capital is crucial in bridging the gender gap in Africa’s tech ecosystem.

Transforming African VC: A Ripple Effect for Future Generations

This fund return is not just a win for Oui Capital. It is a win for Africa’s startup ecosystem. By proving that African startups can produce strong exits and substantial returns, Oui Capital is setting a new benchmark for venture capital on the continent. This achievement could inspire confidence among other African VCs and international investors, driving more capital into early-stage startups.

Moreover, it signals a shift towards self-sustaining investment cycles on the continent. This paves the way for the next generation of African entrepreneurs to thrive. Oui Capital’s success story demonstrates that African startups can achieve remarkable success with strategic investment, local expertise, and a commitment to inclusive growth.

Oui Capital’s focus on inclusive growth is a key driver of its success. By investing in women-led startups and supporting diverse geographies, the firm is actively bridging the gap in Africa’s tech ecosystem. Its commitment to economic empowerment extends beyond financial returns. The firm is dedicated to supporting visionary founders solving real challenges in their communities.

The firm’s investment strategy is rooted in resilience. By backing startups with strong business models and bold ideas, Oui Capital is helping entrepreneurs navigate Africa’s dynamic economic landscape. This approach not only drives financial returns but also creates lasting social impact across the continent.

The Road Ahead: Scaling New Heights with Fund II

With its first fund now fully deployed, Oui Capital is focused on its second fund, which reached the first close of its $30m fund in August 2022. The firm plans to continue investing in startups, addressing the unique challenges faced by Africa’s lower to upper-middle-class populations. By empowering founders with bold ideas and transformative solutions, Oui Capital is driving inclusive growth and shaping Africa’s future.

As the first African VC to successfully return a 2019 vintage fund, Oui Capital has set a new standard for what is possible in African venture capital. This milestone is not just about financial success. It is a testament to the power of vision, resilience, and belief in the potential of African founders.

Oui Capital is driving inclusive growth, supporting bold ideas, and inspiring the next generation of African entrepreneurs. By investing in resilient founders and transformative solutions, the firm is not only transforming businesses but also redefining Africa’s narrative on the global venture capital stage. Its journey proves that African startups are not just catching up. They are leading the way. With strategic vision, adaptive investing, and a commitment to economic empowerment, Oui Capital is helping reshape Africa’s venture capital landscape.

Africa’s tech ecosystem is full of potential, but exits are rare. According to The Big Deal, only 143 out of 2,971 venture deals made since 2019 have resulted in exits. This scarcity highlights Africa’s unique challenges, including limited funding, fluctuating market conditions, and fewer exit opportunities. Yet, despite these challenges, Oui Capital has shown the world that African startups can deliver strong returns.