Oui Capital’s Pius Bankong on evaluating founders through an operator’s lens

Oui Capital, a Lagos-based venture capital firm, has built one of the most recognisable portfolios in Africa’s tech ecosystem, with bets on startups like Moniepoint and Cauridor. The firm built its portfolio with one operating philosophy: invest early, work closely with founders after the cheque clears, and run a small, hands-on team.

In January, Oui added Pius Bankong as its newest investment associate. He comes from the kind of background that increasingly matters and is becoming prevalent in African venture capital. 

Bankong had spent his career as an operator, leading business operations at fast-growing early-stage startups and working closely with founders and CEOs on product-market fit, fundraising, strategic partnerships, expansion, and team building.

He has also been a founder himself through the fintech startup Stead Money. He also advises early-stage companies on the side, several of which later raised capital, grew revenue, and expanded their customer base.

That background matters because it speaks to a quiet shift in how African VC is being staffed. For years, the dominant entry route into the asset class was a financial one: investment banking, consulting, or a foreign MBA. Increasingly, funds are recruiting operators who have built and run companies on the continent into investment seats. 

The argument is that founders are easier to evaluate, support, and align with when the person across the table has sat in their chair. In a young tech market where post-investment support often determines whether a company makes it from seed to Series A, that lived operational experience may be one of the few real differentiators a fund can offer.

In our conversation, Bankong explains why he switched from being an operator to investing, what he looks for in a founder that a non-operator might miss, and how his weeks have changed now that the job is more analytical than executional.

This interview has been edited for length and clarity. 

You said leading business ops was “pretty much like building the startup from inside.” What part of that work made you curious about the investor side?

I do not think it was just one thing. I did several things leading business ops: launching new products, driving global partnerships, expanding into new markets, supporting fundraising, working with leadership to run the internal organisation, and shaping and driving strategic initiatives.

That exposure to product, business development, operations, and management provides a solid entrepreneurial foundation.

Working in a fast-growing startup also exposed me to insights that could help other founders at slightly earlier stages navigate issues like product-market fit, go-to-market strategy, or general operational strategy. I started advising a few early-stage startups, and I could see the impact it had on both the founders and their companies. They were getting funded, growing revenue, and acquiring more customers.

I found that interesting, and I could see how it would be useful as a VC.

There is also the fact that building a startup requires you to go deep into one industry. As a VC, you learn about a lot of industries through the deals you work on, and that market education is vital—whether as a VC, as a founder, or as an operator.

You mentioned your background helps with identifying, sourcing, and evaluating deals. When you sit across from a founder, what do you read differently because you have sat in their seat?

All these nuances come into play. Sometimes you have a great founder who is still figuring out a crucial piece of their product or their market. It is easier to see that and help them think through it. Other times, you might recognise a pitfall or challenge you have experienced and help them avoid making common mistakes. This is because I have been both a founder and an operator who worked very closely with founders in similar situations, so I have some level of firsthand experience.

Being both an operator and investor helps me relate more easily to founders while also acquainting them with the investor’s perspective. Founders and investors play different roles, but they are on the same team, and aligning objectives is crucial.

Having an operating background also helps with supporting founders post-investment as they look to grow their businesses and expand into new terrains or verticals.

Does having built things make you more sympathetic to founders, or harder on them? Why?

Neither. It makes me more empathetic. I often understand what they might be experiencing, and I try to offer feedback that is helpful and actionable and hopefully translates to tangible outcomes in a way that is both thoughtful and honest.

Is there a blind spot operators bring into VC that you have had to watch out for in yourself?

I do not think any specific one comes to mind right now, but just like with any role, you have to think from the perspective and objectives of the organisation and industry and leverage your unique perspective to advance them.

An investor is in the business of returns. There are cases where a business might be performing well—which would naturally excite an operator—but it might not be a fit, based on several factors ranging from fund strategy to market dynamics. Being able to make the right call in those situations requires thinking in the context of your role as a VC, and not solely through your operator lens.

What does a normal week look like now versus when you were running ops?

There are certainly overlaps, and also some divergences.

In almost every role I have had, relationship-building was an important piece of it. Likewise, entrepreneurial thinking, the ability to get up to speed on new domains rather quickly, and developing cross-domain expertise have always been at the core of what I do.

The difference is that operating in a startup requires a level of depth within the industry related to that startup. In VC, you need to get up to speed on all industries where deals surface, because you have to make informed decisions.

I spend a lot of time meeting founders and getting to understand their business and the markets within which they operate. There is also research, due diligence, and contributing to deal structuring. Fortunately, I am naturally curious, so I enjoy that process.

Another difference is that startups are more of an execution game, while VC is more analytical. You certainly also have to execute in VC, but you spend a lot more time doing analysis.

What surprised you most about how venture actually works once you were on the inside?

I do not think I was generally too surprised by anything I encountered, but I have found it interesting having to think not just through the lens of a single investment but also through the lens of a fund. The discipline and rigour gleaned from that exercise plays its part in developing oneself into a well-rounded investor.

What is the hardest part of the job that nobody warned you about?

I came in clear-eyed about the expected hard parts of the job, but I would say that having to make capital allocation decisions is naturally difficult. That is the job.

Deal-making is crucial because investors, founders, and all other stakeholders need to be correctly aligned to achieve strong exit outcomes in a developing market like Africa.

For an operator reading this who wants to break into VC, what actually gets you noticed by a fund?

I would say your ability to identify, source, and evaluate solid investment opportunities comes in handy. Being a good dealmaker and building relationships also helps.

Also important is bringing whatever leverage working as an operator has given you. For instance, I am AI-native, and I have brought that into how we operate as a team and firm.

I also recommend hands-on VC courses and training like the Immerse Africa VC Academy.

What is the most common wrong reason people want to switch into VC?

They think it is easier or more relaxed. That is not particularly true. Just like startups, VCs often have investors—Limited Partners—and VCs have to provide strong returns to their LPs if they are to continue being in business.

If you could go back to your first month at Oui, what would you tell yourself?

I do not think it is anything different from what I told myself then or what I have done so far. Show up and do the work each day. It compounds.