Investor Oui Capital Returns Debut Fund After Moniepoint Sale
At a recent investor meeting, Oui Capital, an early-stage African investor, announced to limited partners that it had successfully returned its $4 million debut fund. This achievement was made possible following the sale of shares in the business banking platform Moniepoint.
Oui Capital’s investment in Moniepoint, a Nigerian fintech unicorn, has proven to be a standout success. The firm initially invested $150,000 in the company, which has since generated an impressive $8 million return, enough to repay the entire fund.
The pivotal moment came last October when Moniepoint secured $110 million in funding at a $1 billion valuation in a Series C round. Oui Capital took the opportunity to sell some of its shares, resulting in the fund being repaid. Moving forward, any additional returns from Moniepoint will be pure profit for Oui Capital’s investors.
This accomplishment is significant for a young VC firm, as many struggle to return their first fund, especially in Africa’s venture ecosystem. Oui Capital joins the ranks of other successful pan-African investors like CRE VC and 4DX Ventures, who have also achieved early fund returns by backing unicorns such as Andela and Flutterwave.
Oui Capital’s success with Moniepoint can be attributed to its early support and strategic guidance. The firm was among the first investors in the company, backing its evolution from a financial products provider to Nigeria’s largest merchant acquirer. Tosin Eniolorunda, Moniepoint’s co-founder and CEO, praised Oui Capital’s ongoing support and advisory role in the company’s growth.
In Africa’s tech scene, successful exits are rare, with only a small percentage of venture deals leading to significant returns. Most startups are still in their early stages, lacking the maturity needed for exits. However, Oui Capital’s patient approach paid off after five years of investment in Moniepoint.
Oyinsan, co-founder of Oui Capital, credits the firm’s portfolio construction for its success. By carefully selecting investments, monitoring equity ownership, and timing exits effectively, Oui Capital has maximized returns for its investors.
Aside from Moniepoint, Oui Capital’s portfolio includes startups like Duplo, Maad, and Matta, focusing on digitizing payment flows, B2B e-commerce, and chemical marketplace solutions. With 22 startups across two funds, Oui Capital continues to support seed-stage startups in Africa with investments up to $400,000.
In 2022, Oui Capital launched its second fund, Mentors Fund 2, closing at $12 million. While the firm initially aimed for $30 million, strong performance has positioned them for future success. Oyinsan hinted at a possible third fund in the near future, showcasing Oui Capital’s commitment to sustainable growth and long-term investment strategies.
