Oui Captial has just put pen to paper with IBM on a 2-year scheme that would enable the Venture funding organization to seed out fund to Startups.
The Africa-focused early-stage venture capital (VC) fund company would now through this agreement be able to provide up 10 companies affiliated with the investor with ₦433,260,00.00 each in IBM Cloud credits.
These seeded funds would be transferred to the selected startups, via IBM’s Start-Up focused Programme thus, the selected start-ups might or would indirectly be linked to the development of viable technology solutions.
However, Oui Capital will also provide secure access to IBM tools to integrate solutions with leading-edge technologies and help deliver more value to its portfolio companies.
The US-based $10-million fund was founded in 2017 by Olu Oyinsan and Francesco Andreoli.
Earlier in the month, Oui Capital had released a statement stating that the cloud credits will allow clients to access to over 130 services and tools.
All services and tools include artificial intelligence (AI), IBM’s Watson suite, Internet of Things, advanced data analytics, developer tools, and educational resources.
In addition, the credits also come with technical support to aid in building solutions.
The partnership will also allow startups affiliated with Oui Capital to showcase their solutions on IBM Marketplace and to IBM’s customer network globally, which gives a higher exposure metrics to these startups.
IBM offering leader Felix Ekwueme also stated that:
We strongly believe that innovation has no country of origin, which is why we are happy to support Oui Capital’s mission to empower companies on the African continent
While the fund might be an expansion of the venture’s drive to empower Edtech, FinTech and HealthTech startups as it has earlier set out to achieve earlier in the year, this a huge exposure for all selected start-ups under the funding scheme.