How Oui Capital’s First Fund Thrived with Moniepoint’s Unicorn Exit: A Success Story in African Venture Capital

In a significant development for early-stage African investors, Oui Capital has successfully returned its debut fund of $4 million following a lucrative exit from its investment in the fintech platform Moniepoint. This achievement highlights the potential of African fintech investments and the remarkable growth of Oui Capital since its inception.

Oui Capital’s Successful Investment in Moniepoint

Oui Capital’s investment journey began with a strategic $150,000 stake in Moniepoint, a prominent business banking platform based in Nigeria. This early investment has yielded a remarkable return of $8 million, allowing Oui Capital to fully repay its initial fund.

Key Milestones for Oui Capital

• Investment Date: Oui Capital invested in Moniepoint during its early stages.
• Funding Round: In October 2021, Moniepoint raised $110 million in a Series C funding round.
• Valuation Achievement: Moniepoint reached a valuation of $1 billion during this round.
• Exit Strategy: Oui Capital sold shares during the funding round, ensuring future profits for its investors.

This successful exit is a testament to Oui Capital’s ability to identify and nurture high-potential startups in Africa’s burgeoning fintech landscape. It sets a precedent for other venture capital firms on the continent.

Moniepoint’s Growth Story

Founded by Olu Oyinsan and Francesco Andreoli, Oui Capital was among Moniepoint’s earliest supporters. At the time of their initial investment, Moniepoint, then known as TeamApt, primarily developed financial products for banks.

Supportive Partnership

Moniepoint co-founder and CEO, Tosin Enioluwadara, acknowledged the crucial role Oui Capital played in their journey:

“They have been with us through the stages, from seeking product-market fit to getting to production. Olu has been helpful in advisory; we discuss strategy, governance, and key matters that affect the company.”

Challenges and Opportunities in Africa’s Tech Ecosystem

Exits in Africa’s tech scene are still relatively rare, with only 143 successful exits out of nearly 3,000 venture deals since 2019, according to The Big Deal. Many startups remain in their early growth stages, making significant exits a challenge. However, Oui Capital’s success exemplifies the potential for lucrative returns in the African fintech sector.

The Future of Oui Capital

With 22 startups across two funds, Oui Capital continues to invest in promising ventures. Its portfolio includes innovative companies such as:

• Duplo: A platform digitizing payment flows for African B2B enterprises.
• Maad: A B2B e-commerce platform for fast-moving consumer goods.
• Matta: A B2B marketplace for chemicals.

In 2022, Oui Capital launched its second fund, Mentors Fund 2, targeting $30 million but closing at $12 million. Looking ahead, the firm may consider raising a third fund later this year.

Conclusion

Oui Capital’s journey illustrates the vibrant potential of Africa’s fintech industry and the critical role of early-stage investors. As more firms achieve successful exits, the landscape for venture capital in Africa will likely continue to evolve, providing exciting opportunities for investors and startups alike.

For more information on Oui Capital’s investments and strategies, visit their official website.