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Lagos-based VC firm, Oui Capital, closes $30m round. 1 other stories and a trivia

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This line-up of stories will help you discover the latest happenings around the tech world, today

1. Lagos-based VC-firm, Oui Capital, closes $30m round

A Lagos and Massachusetts-based VC firm, Oui Capital, has announced the first closing of its $30 million second fund, Oui Capital Mentors Fund II.

Managing partner Olu Oyinsan confirmed the latest development in a press release on Monday.

Oyinsan explained that the VC firm had made 18 investments in technology sectors spanning different industries such as fintech, logistics & mobility, e-commerce, healthcare, and enterprise software.

Ripples Nigeria gathered that global VCs involved in the second fund include Angur Nagpal’s Vibe Capital, D Global ventures, Boston-based One Way Ventures, and Ground Squirrel Ventures.

The funding also saw participation from individual investors such as Brad Feld, Seth Levine, and Ryan McIntyre (Foundry Group’s partners), Gbenga Oyebode, Alitheia Capital’s Tokunboh Ismael, Idris Alubankudi, and TeamApt CEO.

Olu Oyinsan and Francesco Andreoli launched the firm in 2019.

“We go the extra mile with founders whom we partner with and this is why we maintain a relatively smaller portfolio compared to many seed funds. However, there is a critical distinction between the responsibilities of a VC as an investor and as a fund manager,” said the managing partner.

Oyinsan further noted that the firm was seeking to strengthen its presence on the African continent.

Tech Trivia: What is another name for an adapter that connects to a laptop port?
A. Avatar
B. Brouter
C. Codec
D. Dongle
Answer: see end of post

Read also:Nigerian Mobility startup, Moove, expands to India. 2 other stories and a trivia

2. Egypt’s firm, Openner, launches Web3-focused venture studio, Qurious Labs

An Egyptian VC firm, Openner, has launched a Web3-focused venture studio, Qurious Labs.

Openner in a press release seen by Ripples Nigeria on Monday confirmed that Qurious Labs is the first Web3-focused Venture Studio model to hit the MENA market.

Openner claims that the model will serve to back bold entrepreneurs in MENA building web3 companies that utilize blockchain, digital currencies, NFTs, gaming as well as explore the Metaverse and decentralized applications leveraging.

Ashraf Rofail founded the VC in 2017, and is focused on early-stage startups.

“We deeply believe that web3 will have the biggest impact on society and business since the introduction of the internet”, says Ahmed El Wassimy, Studio Director.

Openner also noted that Qurious Labs will offer an inclusive ecosystem for builders to launch their Web3 ventures.

Trivia Answer: Dongle

A dongle is a small device, typically about the size of a flash drive, that plugs into a computer.

Some dongles act as security keys while others serve as adapters.

While early dongles connected to parallel ports on PCs and ADB ports on Macs, modern versions typically connect to a USB port.

By Kayode Hamsat

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