Chui Ventures has announced the final close of its debut Fund I at $17.3 million, exceeding its initial target of $10 million and marking a significant milestone for the Pan-African seed-stage venture capital firm. With a gender-inclusive investment mandate, the fund focuses on supporting founders developing mass-market, tech-enabled solutions across Sub-Saharan Africa.
Backed by Foundations, Family Offices and more than 30 High-Net-Worth individuals, the fund attracted commitments from the Mastercard Foundation Africa Growth Fund and the Michael & Susan Dell Foundation. Over 90% of its HNW investors come from African backgrounds, with African Female executives accounting for 60% of that group.
Africa’s young, digital-native population remains central to the fund’s strategy. With a median age of 19.3, the continent’s demographic is expected to shape consumption habits, commerce and financial services for decades. Chui Ventures is targeting businesses building scalable consumer and MSME-focused technologies designed for rapid adoption.
Since its first close in February 2023, Fund I has deployed 60% of its committed capital over a 30-month period, investing in 18 of an anticipated 22 companies in five Sub-Saharan African markets. Five portfolio companies have already secured follow-on funding at higher valuations, while several others are either profitable or projected to achieve profitability within the coming year.
The fund’s portfolio spans fintech, healthtech, e-commerce, agritech and logistics. Notable investments include Pricepally, Leta, Uncover and Flex Finance, all of which are developing technology-driven models aimed at solving essential consumer and business needs.
“Chui Ventures exemplifies the next chapter of African venture capital; local capital allocators backing local founders to deliver transformative mass-market solutions. Their focus on gender and youth inclusion ensures both outsized returns and lasting social impact,” said Dr Dorothy Nyambi, CEO, MEDA – Mastercard Foundation Africa Growth Fund.
Chui’s portfolio companies have generated more than 1,200 direct jobs and over 40,000 indirect roles. The firm reports that 44% of its founding teams are female, alongside measurable progress in financial inclusion, benefitting 285,000 people. One example is Wanjiku (not her real name), whose income increased from KES 40,000 to as high as KES 480,000 monthly after progressing to a Super Agent role at Lami, leading more than 360 agents.
“Chui backs local founders who know exactly what their communities need – and have the bold ideas and drive to deliver,” said Thashlin Govender, Senior Director at the Michael & Susan Dell Foundation.
Led by General Partner Joyce-Ann Wainaina, the Chui Ventures team comprises five African professionals based in Nairobi and Lagos, with more than 60 years of combined experience. “Our vision at Chui is simple but powerful: For Africa, by Africa,” said Wainaina.
Following the successful close of Fund I, Chui Ventures has launched Fund II, targeting $60 million with a hard cap of $100 million. The new fund will expand into North Africa and increase its focus on financial services, B2B Software, Digital commerce and Climate-Tech.
