An Africa-focused seed-stage fund Chui Ventures, has raised $17.3 million for its debut fund, comfortably exceeding its $10 million target. The achievement places Chui among a small group of African venture firms, including Launch Africa and Ventures Platform, that have closed oversubscribed first funds.
The fund attracted a diverse mix of 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% of its HNW backers are of African origin, and 60% are African female executives.
“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, and Fund I is proof that global and local investors share this conviction. Moving forward, we will continue to focus on technology-driven ventures that deliver both returns and measurable social impact.”
Since its first close in February 2023, the fund has deployed 60% of committed capital, investing in 18 of its targeted 22 portfolio companies across five Sub-Saharan African markets. Five of these startups have already raised follow-on rounds at higher valuations, and several are either profitable or on track to profitability within the next year.
The portfolio spans fintech, healthtech, e-commerce, agritech, and logistics, featuring startups like Pricepally, a Nigerian online grocery platform; Leta, a Kenya-based supply chain SaaS company; Uncover, a skincare brand for African women; and Flex Finance, a spend-management SaaS platform. These companies reflect Chui’s thesis of solving essential challenges with tech-enabled, scalable business models.
Following this successful debut, Chui Ventures is launching Fund II, targeting $60 million with a hard cap of $100 million. The new fund will maintain its core strategy while expanding into North Africa, deepening focus on financial services, B2B software, digital commerce, and climate tech, and pursuing larger ownership stakes in portfolio companies.
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