Nairobi, Kenya – 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 (KSh 2.24 billion), surpassing its original fundraising target of $10 million (KSh 1.3 billion).
The fund backs local African founders building mass-market, tech-enabled solutions across Sub-Saharan Africa.
The fund has attracted commitments from a diverse base of Foundations, Family offices, and over 30 High-Net-Worth individuals, including the Mastercard Foundation Africa Growth Fund and the Michael & Susan Dell Foundation.
Over 90% of the HNW investor base is of African origin, with 60% of them being African Female executives, underscoring Chui’s commitment to mobilising African capital, which is critical to the entire ecosystem.
Investing in Africa’s mass-market future
Africa is the world’s youngest continent, with a median age of about 19.3, and a digital-native generation raised on the internet and mobile phones. This demographic will define consumption, commerce, and financial services for decades. Chui’s strategy focuses on tech-enabled products for everyday consumers and MSMEs, where leapfrogging is most pronounced.
Since its first close in February 2023, and over the last 30 months, Fund I has already deployed 60% of its committed capital. and has invested in 18 of a targeted 22 portfolio companies across 5 countries in Sub-Saharan Africa.
Five portfolio companies have already raised follow-on rounds at higher valuations, and several are either profitable or on track to profitability within the next 12 months.
Its portfolio spans fintech, healthtech, e-commerce, agritech, and logistics, with notable investments in Pricepally (Nigeria’s leading online grocery platform), Leta (Kenya-based supply chain SaaS), Uncover (Skincare brand for African women), and Flex Finance (SaaS platform for managing spending), which are tackling essential needs with tech-enabled, adaptable models that can grow within and across geographies.
“Chui Ventures exemplifies the next chapter of African venture capital; local capital allocators backing local founders to deliver transformative mass-market solutions. Their focus on gender and youth inclusion ensures both outsized returns and lasting social impact,” said Dr Dorothy Nyambi, CEO, MEDA – Mastercard Foundation Africa Growth Fund.
Chui’s portfolio companies have created over 1,200 direct and 40,000+ indirect jobs to date, and have advanced gender inclusion with 44% female founding teams. The fund has also enabled 285,000 people with Financial inclusion through its financial and insurance tech portfolio companies.
Wanjiku’s story (not her real name) illustrates this impact vividly. Once earning just KSh 40,000 a month despite driving millions in sales, her life transformed after joining Lami.
From agent to Super Agent managing over 360 others, mostly women, she now earns up to KSh 480,000 monthly and mentors women entering insurance for the first time. Her journey reflects how fair opportunities and transparent systems can unlock women’s potential, drive economic resilience, and create lasting community impact. Chui’s founders have created such an impact while maintaining strong, healthy returns.
“Chui backs local founders who know exactly what their communities need – and have the bold ideas and drive to deliver,” said Thashlin Govender, Senior Director at the Michael & Susan Dell Foundation. “Their businesses are creating jobs, growing incomes, and fueling opportunity where it matters most.”
Chui Ventures team
Chui Ventures is led by Joyce-Ann Wainaina, General Partner, who brings more than two decades of leadership in African banking and global finance. She previously served as Managing Director for Citibank Sub-Saharan Africa and CEO of Citibank East Africa, is a Senior Fellow at Yale University’s Jackson School of Global Affairs, and was recognised as ‘Woman Investor of the Year 2023’ by the East Africa Venture Capital Association (EAVCA).
The team at Chui Ventures is made up of 5 driven African professionals with global finance expertise and deep local market knowledge. Based in both Nairobi and Lagos, they have 60+ years of combined finance experience stretched across banking, private equity, and credit. Chui Ventures combines institutional investment discipline with deep local understanding, positioning the firm as a bridge between financial capital and hands-on technical support for entrepreneurs.
“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. As we look ahead, we will continue to double down on technology-driven ventures that deliver both returns and measurable social impact.”
Looking ahead – Fund II
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 a similar core strategy while expanding into North Africa and sharpening focus on financial services, B2B Software, Digital commerce, and Climate-Tech. The fund will also target stronger ownership positions.
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