Chui Ventures Raises $17.3M to Support African Mass-Market Startups

Chui Ventures,  a Pan-African seed-stage venture capital fund with a gender-inclusive mandate, has announced the final close of its debut Fund I at $17.3 million, exceeding its original $10 million target. The fund supports African founders building mass-market, tech-enabled solutions across Sub-Saharan Africa.

The fund attracted commitments from a diverse range of investors, including foundations, family offices, and over 30 high-net-worth individuals. Notable backers include the Mastercard Foundation Africa Growth Fund and the Michael & Susan Dell Foundation. More than 90% of the high-net-worth investors are of African origin, with 60% being African female executives, reflecting Chui’s focus on mobilizing local capital to strengthen the regional ecosystem.

Fund I focuses on tech-enabled products for everyday consumers and MSMEs, where digital adoption and leapfrogging are most pronounced. Since its first close in February 2023, the fund has deployed 60% of its committed capital across 18 of a targeted 22 portfolio companies in five Sub-Saharan African countries. Several portfolio companies have already raised follow-on rounds at higher valuations, with some either profitable or on track to profitability within the next year.

The portfolio spans fintech, healthtech, e-commerce, agritech, and logistics, with investments in companies such as Pricepally, Nigeria’s leading online grocery platform; Leta, a Kenya-based supply chain SaaS company; Uncover, a skincare brand for African women; and Flex Finance, a SaaS platform for managing spending. These companies provide essential, tech-enabled solutions with adaptable models capable of scaling across geographies.

Chui Ventures’ portfolio companies have created over 1,200 direct jobs and more than 40,000 indirect jobs to date, advancing gender inclusion with 44% female founding teams. The fund has also enabled financial inclusion for 285,000 people through its fintech and insurtech investments. Stories like that of Wanjiku, who progressed from a KES 40,000 monthly income to managing over 360 insurance agents while earning KES 480,000, illustrate the transformative impact of these investments on women and communities.

Chui Ventures is led by General Partner Joyce-Ann Wainaina, who has over two decades of leadership experience in African banking and global finance, including roles as Managing Director for Citibank Sub-Saharan Africa and CEO of Citibank East Africa. The team of five professionals, based in Nairobi and Lagos, combines over 60 years of finance experience across banking, private equity, and credit, blending institutional investment discipline with deep local market knowledge.

With Fund I’s successful close, Chui Ventures is launching Fund II with a target of $60 million and a hard cap of $100 million. The next fund will continue the core strategy while expanding into North Africa and sharpening its focus on financial services, B2B software, digital commerce, and climate tech, aiming for stronger ownership positions in portfolio companies.