Before Moniepoint became a globally celebrated continental fintech success story, a nascent venture capital firm named Oui Capital recognized its potential and placed a foundational bet on the unassuming Nigerian startup. This strategic, early investment has now yielded a phenomenal return, achieving a rare milestone in the venture capital world.
Oui Capital, an Africa-focused VC co-founded by Olu Oyinsan and Francesco Andreoli, issued a modest $150,000 check. This funding secured their position as one of Moniepoint’s inaugural backers when the company was an emergent force focused on transforming business banking, then valued at just $12.5 million. Though a relatively small amount by traditional venture standards, the investment proved sufficient to plant the crucial seed for future growth.
A Transformative Return
Years later, that small, early wager has ballooned into an $8 million return for the VC firm. This substantial gain was large enough to repay the entirety of Oui Capital’s $4 million debut fund. When Moniepoint successfully completed its Series C funding round in October, Oui Capital wisely executed a partial sale of its vested equity.
In just five years, the young venture capital firm accomplished what many funds, even in mature global markets, struggle to achieve: returning their entire first fund to their Limited Partners (LPs).
Olu Oyinsan, speaking to Business Insider Africa, attributed this triumph not only to sound financial forecasting but primarily to courage and decisive support. “Not being afraid to be wrong is everything,” he stated. He emphasized the importance of early intervention, adding, “Backing a good company is only half the job. Supporting them early can turn good into great.”
Oyinsan reflected on the initial investment decision, noting that they had initially intended to commit only $100,000, constrained by their internal cap of $150,000. However, the night before the transaction, his partner urged them to “max it out.” That split-second decision to bump the investment to the full $150,000 proved to be a golden move.
The Genesis of Oui Capital
The path to founding Oui Capital was shaped by the experiences of its co-founder, Olu Oyinsan. Even before the firm became recognizable in African venture capital circles, Oyinsan had forged an impressive career.
His professional journey began in commercial banking at Nigeria’s Guaranty Trust Bank. He later moved to Boston for business school, followed by a consultancy role at Forrester. Crucially, he then joined Silicon Valley Bank’s early-stage practice, where he supported technology startups across the U.S. East Coast. This role provided him with invaluable exposure to the global frameworks and networks that would later become instrumental in the African venture landscape. He learned not only how to rigorously evaluate startups but, more importantly, how to spot groundbreaking potential where others only saw inherent risk.
By late 2017, Oyinsan returned to Nigeria as the Vice President of Investments at Ingressive Capital. However, the corporate structure no longer appealed to him. Thus, he partnered with his business school peer, Francesco Andreoli, to establish a fund committed to making the early and decisive investments that others in the African ecosystem hesitated to make.
Before founding Oui Capital, the partners briefly collaborated on WiFi Monkey, an internet startup that aimed to facilitate shared Wi-Fi and split payments among neighbors. The promising experiment was ultimately short-lived, concluded by a cease-and-desist order from a large telecommunications company.
Founded in 2019, Oui Capital was born out of a core mission: to provide African founders with critical early-stage opportunities that were not yet widely accessible. Oyinsan recalls that quitting was never an option, even when facing the immense challenge of raising their first fund. “If we raised only $1 million, it would have been successful,” he maintained, underscoring their commitment: “Even if it gave us only $10,000 a year to live on, we would have done it.”
