Chui Ventures, a Pan-African seed-stage venture capital fund with a gender-inclusive mission, has announced the final close of its first Fund I at $17.3 million, exceeding its initial fundraising objective of $10 million.
The Fund has received pledges from a wide range of foundations, family offices, and more than 30 high-net-worth individuals, including the MasterCard Foundation Africa Growth Fund and the Michael and Susan Dell Foundation.
The fund supports native African founders developing mass-market, tech-enabled products in Sub-Saharan Africa.
Over 90% of the high-net-worth investor base is of African origin, with 60% being African female CEOs, highlighting Chui's desire to mobilising African money, which is vital to the entire ecosystem.
The company went on to say Africa is the world’s youngest continent, with a median age of about 19.3, and a digital-native generation raised on the internet and mobile phones, and this demographic will define consumption, commerce, and financial services for decades.
Chui’s strategy focuses on tech-enabled products for everyday consumers and MSMEs, where leapfrogging is most pronounced.
Five portfolio companies have already raised follow-on rounds at higher valuations, and several are either profitable or on track to profitability within the next 12 months.
Its portfolio spans fintech, health-tech, e-commerce, agri-tech, and logistics, with notable investments in Pricepally (Nigeria’s leading online grocery platform); Leta (Kenya-based supply chain SaaS); Uncover (Skincare brand for African women); and Flex Finance (SaaS platform for managing spending), which are tackling essential needs with tech-enabled, adaptable models that can grow within and across geographies.
Chui Ventures represent 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 said its portfolio companies have created over 1,200 direct and 40,000+ indirect jobs to date, and have advanced gender inclusion with 44% female founding teams.
“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. “Their businesses are creating jobs, growing incomes, and fueling opportunity where it matters most.”
Chui Ventures is led by Joyce-Ann Wainaina, general partner, who brings more than two decades of leadership in African banking and global finance.
She previously served as managing director for Citibank Sub-Saharan Africa and CEO of Citibank East Africa, is a Senior Fellow at Yale University’s Jackson School of Global Affairs, and was recognized as ‘Woman Investor of the Year 2023’ by the East Africa Venture Capital Association
Since its first close in February 2023, and over the last 30 months, Fund I has already deployed 60% of its committed capital, and has invested in 18 of a targeted 22 portfolio companies across 5 countries in Sub-Saharan Africa.
Looking ahead, the company said with the successful close of Fund I, Chui Ventures is now launching Fund II, targeting $60 million (with a hard cap of $100 million).
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