Oui Capital makes first close of new Africa VC fund; Homzmart, Skrmiish raise funding

 Oui Capital makes first close of new Africa VC fund; Homzmart, Skrmiish raise funding

Oui Capital, an Africa-focused VC firm, has raised $11 million to make a first close in its second outing as it looks to grow its assets under management seven-fold.

Oui Capital Mentors Fund II has a target corpus of $30 million, six times its predecessor that raised $5 million.

Floated three years ago by Olu Oyinsan and Francesco Andreoli, Oui Capital participates in pre-seed and seed-stage investments. The VC firm has backed around 18 startups in tech startups in the continent across sectors such as fintech, logistics & mobility, e-commerce, healthcare and enterprise software.

It counts among its portfolio basket names like TeamApt, Akiba Digital, Duplo, Ndovu, Maad, Intelligra, Aifluence and Pharmacy Marts.

Oui Capital Mentors Fund II will back startups with ticket size of up to $750,000 as against the first fund that invested under $100,000.


Cairo-based Homzmart, a furniture and home improvement products marketplace, has scooped up $23 million in a pre-Series B round from STV, Impact46, Outliers Ventures, Rise Capital and NUWA Capital.

This comes just a year after it picked up $15 million in Series A round led by MSA Capital, a global investment firm with over $1.5 billion in assets under management, and Nuwa Capital. Others who participated in that round include Rise Capital, Impact46, EQ2 Ventures and Outliers Ventures.

Homzmart was launched in 2020 by Mahmoud Ibrahim, former COO of Daraz, and Ibrahim Mohamed, who was previously at Africa-focused ecommerce firm Jumia and led its expansion in Egypt.

Homzmart’s management team includes former senior executives of Jumia, Rocket Internet and Alibaba.

After the last funding round, Homzmart had expanded to Saudi Arabia and that market already represents over a quarter of its sales.


South African esports and gaming startup Skrmiish has secured $2.5 million in a seed round from Launch Africa Ventures, the Blockchain Founders Fund, and Stellar.

Cape Town-based Skrmiish allows users to earn real cash with a blockchain based backend, is live across Europe and is looking to use the money to expand in both North and South America.


Lagos- and San Francisco-based Youverify, an identity verification startup, has secured $1 million seed extension round topping up the $1.5 million it raised two years ago.

Orange Ventures and LoftyInc Capital co-led the new extension round as well. The startup also attracted money from Octerra Capital, Plug & Play Venture, Syntax Ventures, HTTP Investors, Afer Group and Fronesyz Capital.

Founded and led by Gbenga Odegbami, Youverify started four years ago in Nigeria and later expanded to Ghana, Côte d’Ivoire, South Africa, Kenya and Uganda.

Outsource Monetic Group

Outsource Monetic Group, an American and Senegalese fintech based in Atlanta, has closed a pre-seed fundraising round with 500 Global and launched its private ATM network branded KaliSpot in a pilot phase, in Senegal and Côte d’Ivoire.

Founded by Mika Diol, the company develops an automated and omnichannel infrastructure of financial service points in a proprietary physical (ATM and ITM) and digital (mobile application) network. This is 500 Global’s first investment in Francophone West Africa.

Vivek Sinha

error: Content is protected !!
The Capital Quest