Chui Ventures, a pan-African seed-stage venture capital firm with a gender-inclusive mandate, has completed the final close of its debut Fund I at $17.3 million. The vehicle, which originally targeted $10 million, focuses on local African founders building mass-market, technology-enabled solutions across Sub-Saharan Africa. With this close, the firm signals growing investor confidence in Africa’s young, digital-native population and the startups serving their everyday needs.
Closing Fund I Above Target
Fund I attracted commitments from foundations, family offices, and more than 30 high-net-worth individuals, including the Mastercard Foundation Africa Growth Fund and the Michael & Susan Dell Foundation. Over 90 percent of these individual backers are of African origin, and 60 percent are African female executives. This capital mix reflects Chui Ventures’ intention to mobilize African wealth for African innovation while keeping gender inclusion at the core of its strategy.
Backing Africa’s Mass-Market, Digital Native Economy
Africa’s median age of about 19.3 years, combined with widespread internet and mobile adoption, is reshaping consumption, commerce, and financial services. Chui Ventures is targeting tech-enabled products for everyday consumers and MSMEs, where digital leapfrogging is most visible and scalable. The fund aims to support solutions that can expand across markets while remaining closely aligned with local realities.
Portfolio Traction and Impact
Since its first close in February 2023, Chui Ventures has already deployed around 60 percent of Fund I’s committed capital. The firm has invested in 18 of a planned 22 portfolio companies across five Sub-Saharan African countries, with five of these startups already securing follow-on funding at higher valuations. Several companies are profitable or expected to reach profitability within the next 12 months, indicating early commercial traction alongside impact.
Sector Focus and Real-World Use Cases
The portfolio spans fintech, healthtech, e-commerce, agritech, and logistics, with companies such as Pricepally, Leta, Uncover, and Flex Finance among the more visible names. These startups tackle essential needs like food access, supply chain efficiency, skincare tailored to African women, and financial management for small businesses. Chui Ventures positions them as adaptable, tech-driven models capable of scaling within and beyond their home markets.
Gender-Inclusive Capital and Job Creation
Chui’s portfolio companies have already created more than 1,200 direct jobs and over 40,000 indirect jobs, while 44 percent of founding teams are female. The fund reports that 285,000 people have gained access to financial products or insurance through its portfolio, strengthening household resilience and local economies. One frequently cited example is a woman who progressed from earning 40,000 Kenyan shillings per month to becoming a super agent managing hundreds of others, multiplying her income and acting as a mentor for first-time women in insurance.
Local Team with Global Finance Expertise
Chui Ventures is led by General Partner Joyce-Ann Wainaina, who brings over two decades of senior leadership experience in African banking and global finance. Her previous roles include Managing Director for Citibank Sub-Saharan Africa and CEO of Citibank East Africa, and she has been recognized as Woman Investor of the Year 2023 by the East Africa Venture Capital Association. The five-person team, based in Nairobi and Lagos, combines more than 60 years of experience across banking, private equity, and credit, aiming to blend institutional rigor with deep local insight.
Looking Ahead to Fund II
On the back of Fund I’s close, Chui Ventures is preparing a second fund targeting $60 million, with a hard cap of $100 million. Fund II will maintain the core thesis while expanding to North Africa and sharpening its focus on financial services, B2B software, digital commerce, and climate technology, with an emphasis on stronger ownership positions. The firm frames this next phase as a continuation of its “for Africa, by Africa” vision, backing founders who are closest to the continent’s challenges and opportunities.
With Fund I closed above target, a diversified investor base dominated by African capital, and an active portfolio already showing both impact and growth, Chui Ventures is positioning itself as a key seed-stage player in Africa. Its gender-inclusive tilt, job creation record, and emphasis on financial inclusion differentiate the platform in a crowded early-stage landscape. As the firm moves toward launching Fund II and broadening its geographic and sector focus, it aims to anchor a new wave of African venture capital led by local investors and entrepreneurs.