Africa stands out globally with the highest rate of female entrepreneurship, yet a staggering $42 billion funding gap persists. In 2019, startups led by women secured just 2.8% of venture capital (VC) funding, dropping to 2.3% the following year. These discouraging statistics often fuel debates about systemic biases, but the real focus should be on actionable solutions—closing the diversity gap and ensuring more funding flows into female-led ventures.
As Africa’s tech ecosystem matures, there’s been a growing wave of angel investors and venture capitalists eager to support high-potential founders, irrespective of gender. Long before this influx of capital, Oui Capital had already begun investing in early-stage entrepreneurs.
Oui Capital’s Commitment to African Startups
In late 2018, Olu Oyinsan, the former investment head at Ingressive Capital, founded Oui Capital. His mission was clear: empower startups across Africa with funding and mentorship during their formative stages. By December 2019, Oui Capital closed its first $4.7 million fund, with backing from prominent names like Foundry Group’s Seth Levine and Brad Feld, Gbenga Oyebode’s TVCP, and senior executives from leading African banks.
Today, Oui Capital boasts a portfolio of 14 companies spanning Nigeria, Kenya, Zimbabwe, Mauritius, and South Africa. Among its standout investments is TeamApt, a Nigerian fintech that recently secured Series B funding from heavyweights like Novastar Ventures and CDC Group.
In 2020, Oui Capital made a significant statement about its priorities: 66% of its investments went to female-led ventures, and 100% to startups with at least one female co-founder. This strategy underscores Oui Capital’s dedication to fostering diversity in the tech space.
Mentorship and network building are as integral to Oui Capital’s strategy as financial support. The fund recognizes that simply providing capital isn’t enough, particularly for underrepresented founders. Instead, it focuses on offering end-to-end support, from ideation through execution.
Meet the Female Founders Backed by Oui Capital
1. Tebogo Mokwena (Co-founder & CTO, Akiba Digital)
Mission: Transform financial access for African consumers by analyzing financial behavior to create tailored solutions.
Akiba Digital recently raised over $1.1 million in pre-seed funding, led by EXPERT DOJO and Oui Capital.
Before launching Akiba, Tebogo worked as a software engineer at Allan Gray and a digital consultant at McKinsey & Company. Her exposure to systemic financial barriers in South Africa inspired her to create Akiba Digital, enabling underserved communities to access financial tools and services.
2. Radhika Bhachu (Co-founder & CEO, Ndovu)
Mission: Simplify investing for Africans by offering financial education and access to local and global markets via a robo-advisor.
Ndovu empowers retail investors through responsible investing in ETFs that generate long-term wealth.
Radhika’s experience spans over a decade at firms like Deloitte and BlackRock. After returning to Kenya in 2020, she discovered that $85 billion lies dormant in African bank accounts. Ndovu was born to address this inefficiency, equipping people with tools to grow their wealth.
3. Arlene Jebet (Co-founder & CMO, Twende Mobility)
Mission: Democratize transportation and logistics in Africa, connecting consumers and operators for cost-effective, efficient mobility solutions.
Twende is building a platform that helps service providers digitize operations like bookings, payments, and dispatching, enhancing customer experiences.
Arlene’s background in journalism and digital marketing gives her a unique edge in understanding customer pain points and translating them into innovative solutions. Her leadership at Twende has already attracted $150k in pre-seed funding to scale its operations across East Africa.
A Call for Inclusive VC Practices
As Oui Capital demonstrates, a startup’s success is driven by passion, teamwork, and vision—not gender. More venture capitalists must recognize this and prioritize building inclusive portfolios that empower all founders, fostering a more equitable entrepreneurial ecosystem.
