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African mentor funds firm, Oui Capital, launches second fund for startup investments

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An African venture capital firm, Oui Capital, announce on Monday that it has launched the second edition of funding round for startups aimed at building its investment vehicle and strengthening its presence on the continent.

With the new round of fund tagged Oui Capital Mentors Fund II, Oui Capital is looking to double down on its mission, leveraging local context, capital, and an expansive network to help founders build scalable businesses that solve some of the biggest challenges on the continent.

The firm was established in January 2019 with the sole purpose of providing funding for tech-enabled businesses in the African market and bridging the early-stage funding gap it saw in the startup ecosystem.

According to Disrupt Africa, since the firm launched its first fund, it has gone on to back 18 African startups operating different industries ranging from fintech to logistics and mobility, e-commerce, healthcare to enterprise software.

Some of the beneficiaries are now top players in Nigeria, Kenya, Senegal, Egypt, and South Africa.

Oui Capital’s Managing Partner, Olu Oyinsan, who spoke on the second fund said:

“We’re excited to be returning to market at an opportune time, as valuations moderate across the board and the quality of founder talent is at an all-time high.

“We believe this will make for a strong 2022 vintage and can’t wait to get started deploying Fund II.”

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Safaricom Ethiopia launches 4G network in Gambella

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Ethiopia’s second largest telecom provider, Safaricom Telecommunications Ethiopia P.L.C., has announced the official launching of its 4G network services in Gambella and other surrounding areas.

The launching of the 4G network in the region, according to Safaricom Ethiopia CEO, Wim Vanhelleputte, highlighted the significant impact that enhanced telecommunications infrastructure could have on the region’s social and economic progress.

“In line with our commitment to digital education, Safaricom Ethiopia donated 20 laptops and 4 routers, including six months of free internet, to two high schools in Gambella City, supporting digital literacy and educational opportunities for local students,” Vanhelleputte stated.

Vanhelleputte reaffirmed Safaricom Ethiopia’s commitment to expanding its reach and ensuring that more regions gain access to reliable and high-speed internet.

“The introduction of the 4G network in Gambella is designed to deliver significant advantages to the local community,” he said .

“Enhanced connectivity will open doors to better access to information, education, and healthcare services. Additionally, it will create new opportunities for businesses and entrepreneurs, driving economic growth and development within the region.

“Safaricom Ethiopia’s move into Gambella aligns with its broader strategy to extend 4G coverage to more areas, furthering its mission of fostering nationwide connectivity,” the CEO added.

Alemitu Oumud, President of the Gambella Region who also spoke at the event, stated that, enhanced infrastructure is driving positive social and economic growth in our region.

“We commend Safaricom Ethiopia for its contributions to job creation, improving connectivity, and making Gambella a more attractive destination for investment,” Oumud said.

He stressed the potential of the new 4G network to drive business activities, attract investments, and foster entrepreneurship in the region.

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Facebook returns to Uganda after 4-year ban

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After four years of being in the cooler as a result of suspension by government, Facebook, now Meta, is making a return to Uganda after prolonged negotiations saw the Ugandan government reverse the ban it placed on the platform since 2021.

The suspension of the social media platform had stemmed from accusations by the government that Facebook was meddling in the country’s political affairs during the 2021 presidential elections which arose after it deleted government-affiliated accounts for allegedly spreading disinformation.

This ban of Facebook has led to widespread disruptions across the nation, affecting not only political discourse but also personal connections and business operations.

But according to reports, with a potential re-launch on the horizon for December 2024, Facebook’s comeback could be a game-changer with approximately 2.5 million Ugandans poised to reconnect on the platform, while the Uganda Revenue Authority stands to gain financially from its revival just as businesses, especially smaller enterprises, stand to benefit from advertising incomes.

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