At the hands of an unprecedented investment in the fintech giant Moniepoint, African early-stage venture capitalist firm Oui Capital recently announced a successful return on its maiden investment fund.
Fortuitously for Oui Capital, its initial investment in the African fintech unicorn Moniepoint generated an extraordinary return. An early gamble of $150,000 paid off incredibly well, bringing about an $8 million return, ample to repay the initial $4 million fund.
The significant return ensued when Moniepoint participated in a Series C funding round, elevating its valuation to the impressive $1 billion mark. At this juncture, Oui Capital strategically sold some of its shares, setting the stage for any forthcoming returns to be pure gain for their investors.
This achievement is not common even on a global scale, especially for a fledgling VC firm and for that to transpire in Africa’s venture ecosystem, it’s rarer still.
Oui Capital was among the few early believers in the Nigeria-based Moniepoint, originally known as TeamApt, which has now evolved into Nigeria’s leading merchant acquisition platform. The firm stood by Moniepoint during its transition and has helped it to secure its market leadership position.
However, significant exits are few and far between in Africa’s tech landscape. Of the 2,971 venture deals since 2019, only 143 led to exits, illustrating the inherent challenges of the African tech ecosystem.
On the brighter side, Oui Capital’s successful return draws attention to the potential opportunities in Africa’s tech market while exemplifying advantages smaller funds might offer.
In addition to Moniepoint, Oui Capital’s portfolio also boasts names like Duplo, Maad, and Matta. The firm, supporting 22 startups across two funds, primarily provides seed-stage entrepreneurs with funding across Africa. With its positive run, the firm is now open to invest in more promising ventures, possibly through a new fund by the end of the year.
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