Chui Ventures, a Pan-African seed-stage venture capital fund with a gender-inclusive mandate, has successfully closed its debut Fund I at $17.3 million, exceeding its original target of $10 million. The fund supports African founders developing mass-market, tech-enabled solutions across Sub-Saharan Africa, with commitments from foundations, family offices, and over 30 high-net-worth individuals, including the Mastercard Foundation Africa Growth Fund and the Michael & Susan Dell Foundation. Over 90% of the high-net-worth investors are of African origin, with 60% being female executives, highlighting Chui’s emphasis on mobilizing local capital.
Targeting Africa’s rapidly growing, digitally native population, Chui Ventures focuses on technology-driven products for everyday consumers and MSMEs, where innovation can have the greatest impact. Since its first close in February 2023, Fund I has deployed 60% of its capital, investing in 18 of the planned 22 portfolio companies across five countries. Several of these companies have already secured follow-on funding at higher valuations and are on track toward profitability within the next year.
The portfolio spans fintech, healthtech, e-commerce, agritech, and logistics, with notable investments including Pricepally in Nigeria, Leta in Kenya, Uncover, and Flex Finance. These companies address essential consumer needs with scalable, tech-enabled models. Chui Ventures’ approach has created over 1,200 direct and more than 40,000 indirect jobs, while advancing gender inclusion with 44% female-led founding teams. The fund has also contributed to financial inclusion, impacting 285,000 people through its fintech and insurtech ventures. Stories like that of Wanjiku, who rose from earning KES 40,000 to managing 360 agents and earning KES 480,000 monthly, exemplify the transformative social impact of Chui-backed ventures.
Chui Ventures is led by Joyce-Ann Wainaina, General Partner, who brings more than 20 years of leadership in African banking and global finance. The five-member team, based in Nairobi and Lagos, combines over 60 years of experience across banking, private equity, and credit. Their local knowledge and institutional investment expertise enable them to support founders with both capital and hands-on technical guidance.
Looking ahead, Chui Ventures plans to launch Fund II, targeting $60 million with a hard cap of $100 million. The next fund will maintain the focus on technology-driven mass-market solutions while expanding into North Africa and increasing emphasis on financial services, B2B software, digital commerce, and climate-tech, along with seeking stronger ownership positions in portfolio companies.
