Chui Ventures Surpasses Fundraising Goals, Pioneering African-Led Investment

Breaking New Ground in African Venture Capital

Chui Ventures, a seed-stage investment fund dedicated to Africa, has successfully raised $17.3 million for its inaugural fund, significantly exceeding its initial $10 million target. This achievement places Chui Ventures among a select group of African venture capital firms, such as Launch Africa and Ventures Platform, that have closed oversubscribed debut funds, signaling growing investor confidence in the continent’s startup ecosystem.

Diverse and Impactful Investor Base

The fund attracted a broad spectrum of investors, including foundations, family offices, and over 30 high-net-worth individuals. Key contributors include the Mastercard Foundation Africa Growth Fund and the Michael & Susan Dell Foundation. Impressively, more than 90% of the high-net-worth investors are African, with 60% being female executives from the continent, underscoring a strong commitment to local leadership and gender diversity in investment.

Empowering African Entrepreneurs with a Vision for Growth

Joyce-Ann Wainaina, General Partner at Chui Ventures, emphasized the fund’s mission: “Our approach is straightforward yet impactful – for Africa, by Africa. We are convinced that African entrepreneurs possess the unique insight and capability to address the continent’s challenges at scale. The success of Fund I demonstrates that both local and international investors share this belief. Moving forward, we will intensify our focus on technology-driven startups that generate financial returns alongside tangible social benefits.”

Robust Deployment and Portfolio Performance

Since its initial close in February 2023, Chui Ventures has allocated 60% of its committed capital over the past 30 months, investing in 18 out of the planned 22 startups across five Sub-Saharan African countries. Notably, five portfolio companies have secured follow-on funding rounds at increased valuations, and several are either profitable or on track to achieve profitability within the next year, reflecting strong operational momentum.

Sector Focus and Innovative Startups

The fund’s portfolio spans key sectors such as fintech, healthtech, e-commerce, agritech, and logistics. Among the standout companies are Pricepally, a Nigerian online grocery platform revolutionizing food access; Leta, a Kenyan supply chain SaaS provider enhancing operational efficiency; Uncover, a skincare brand tailored for African women; and Flex Finance, a spend-management SaaS platform optimizing business expenses. These ventures exemplify Chui’s thesis of leveraging adaptable, technology-enabled business models to meet critical needs and scale across diverse markets.

Looking Ahead: Launching Fund II with Expanded Ambitions

Building on the momentum of its first fund, Chui Ventures is now initiating Fund II, aiming to raise $60 million with a maximum cap of $100 million. This next phase will uphold the firm’s core investment strategy while broadening its geographic reach to include North Africa. Additionally, Fund II will deepen its focus on financial services, B2B software, digital commerce, and climate technology sectors. The fund also plans to pursue larger equity stakes in portfolio companies to enhance value creation and influence.