Chui Ventures has closed its debut Fund I at $17.3 million, exceeding the original $10 million target and drawing commitments from foundations, family offices, and more than 30 high-net-worth individuals. Backers include the Mastercard Foundation Africa Growth Fund and the Michael & Susan Dell Foundation. Over 90% of the fund’s HNW investors are of African origin, and 60% are African female executives, aligning with the firm’s mission to mobilize African capital for African founders.
Fund I backs seed-stage companies building tech-enabled, mass-market solutions across Sub-Saharan Africa. Since its first close in February 2023, the firm has deployed 60% of its committed capital across 18 of its targeted 22 portfolio companies spanning fintech, healthtech, e-commerce, agritech, and logistics. Several companies have raised follow-on rounds at higher valuations, and many are already profitable or on track to profitability within the next year.
Notable investments include Nigeria’s online grocery platform Pricepally, Kenya-based supply chain SaaS provider Leta, skincare brand Uncover, and Flex Finance, a SaaS platform for managing spending. Collectively, Chui’s portfolio companies have created more than 1,200 direct jobs and over 40,000 indirect jobs, while advancing gender inclusion through 44% of founding teams being female. The fund’s impact in financial and insurance technology has enabled more than 285,000 people to gain access to financial services.
Chui highlights stories like that of “Wanjiku,” whose income grew more than tenfold after joining Lami and rising to become a Super Agent managing over 360 people, most of whom are women. The firm points to outcomes like this as evidence of how fair systems and access to opportunity can transform households and communities while delivering strong returns.
The fund is led by General Partner Joyce-Ann Wainaina, former Managing Director for Citibank Sub-Saharan Africa and CEO of Citibank East Africa. The team includes five African investment professionals with more than 60 years of combined experience in banking, private equity, and credit, operating across Nairobi and Lagos. Chui positions itself as a bridge between institutional capital and on-the-ground technical support for founders.
With Fund I now closed, Chui Ventures is preparing to launch Fund II, targeting $60 million with a hard cap of $100 million. The next fund will continue the firm’s core investment thesis but expand into North Africa and sharpen its focus on financial services, B2B software, digital commerce, and climate-tech while seeking larger ownership stakes.
Chui Ventures describes its long-term vision as “For Africa, by Africa,” backing founders who understand their markets and can build scalable, tech-driven businesses that generate both returns and social impact across the continent.
