Chui Ventures closes $17.3M Fund I to back African 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, surpassing its original target of $10 million. The fund backs local African founders developing mass-market, tech-enabled solutions across Sub-Saharan Africa.

Fund I attracted commitments from a diverse mix of foundations, family offices, and over 30 high-net-worth individuals, including the Mastercard Foundation Africa Growth Fund and the Michael & Susan Dell Foundation. More than 90% of these investors are African, and 60% are female executives. Chui’s ability to mobilise local capital reflects its commitment to strengthening the African startup ecosystem.

Africa, the world’s youngest continent with a median age of 19.3, hosts a generation raised on mobile and internet technology. This digital-native population is expected to shape consumption, commerce, and financial services for decades. Chui targets tech-enabled products for everyday consumers and micro, small, and medium enterprises (MSMEs), where leapfrogging opportunities are strongest.

Since its first close in February 2023, Fund I has deployed 60% of its committed capital, investing in 18 of a planned 22 portfolio companies across five countries. Five of these companies have already raised follow-on rounds at higher valuations, while several are profitable or approaching profitability.

The portfolio spans fintech, healthtech, e-commerce, agritech, and logistics. Notable investments include Pricepally, Nigeria’s leading online grocery platform; Leta, a Kenya-based supply chain SaaS; Uncover, a skincare brand for African women; and Flex Finance, a platform for managing business spending.

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“Chui Ventures exemplifies the next chapter of African venture capital, with local capital backing local founders to deliver transformative mass-market solutions. Their focus on gender and youth inclusion ensures both strong returns and lasting social impact,” said Dr Dorothy Nyambi, CEO of MEDA, Mastercard Foundation Africa Growth Fund.

Chui’s portfolio has created over 1,200 direct and more than 40,000 indirect jobs. Forty-four percent of portfolio companies have female founders, and the fund has enabled financial inclusion for 285,000 people through its fintech and insurtech investments.

Doubling down on African-led Tech Ventures

“Our vision at Chui is simple but powerful: For Africa, by Africa,” said Joyce-Ann Wainaina, General Partner of Chui Ventures. “We believe African founders are best positioned to solve Africa’s challenges at scale.”

Fund I proves that both global and local investors share this conviction. “As we look ahead, we will continue to double down on technology-driven ventures that deliver both returns and measurable social impact,” Wainaina added.

By combining local insight with global support, Chui empowers founders to build solutions that address African market needs. Its investments drive profitability while creating tangible social outcomes, from job creation, financial inclusion and gender equity.

With the successful close of Fund I, Chui Ventures is launching Fund II, targeting $60 million with a hard cap of $100 million. The next fund will maintain the same strategy while expanding into North Africa and focusing on financial services, B2B software, digital commerce, and climate-tech. It will also pursue stronger ownership positions, continuing to back founders who understand their communities and have the drive to succeed.