Chui Ventures has announced the final close of its debut fund at $17.3m, significantly overshooting its initial $10m target.
The Nairobi and Lagos-based firm, which focuses on seed-stage startups in Sub-Saharan Africa, has secured backing from major institutional players including the Mastercard Foundation Africa Growth Fund and the Michael & Susan Dell Foundation.
However, the fund’s cap table is notable for its reliance on local private capital. According to the firm, over 30 High-Net-Worth Individuals (HNWIs) participated in the round. Of this group, 90% are of African origin, and 60% are African female executives — a demographic often underrepresented in the venture capital asset class on the continent.
This close comes amid a challenging fundraising environment for African VC, suggesting that while international capital has cooled, local capital allocators are increasingly stepping in to fill the gap.
The Strategy: Mass Markets and “Leapfrogging”
Chui Ventures’ investment thesis targets the “mass market” — products and services designed for everyday African consumers and MSMEs (Micro, Small, and Medium Enterprises). The firm is betting on the continent’s demographic dividend; with a median age of roughly 19, Africa’s digital-native population is driving demand for tech-enabled services in sectors where traditional infrastructure is lacking.
The fund has been active since its first close in February 2023. To date, Chui has deployed 60% of its committed capital, backing 18 companies out of a targeted portfolio of 22.
The portfolio is geographically concentrated in five Sub-Saharan countries, covering fintech, healthtech, agritech, and logistics. Notable investments include:
- Pricepally: A Nigerian online grocery platform.
- Leta: A Kenya-based supply chain SaaS provider.
- Uncover: A data-driven skincare brand for African women.
- Flex Finance: A spend management platform for businesses.
According to the firm, early performance indicators are positive: five portfolio companies have raised follow-on rounds at increased valuations, and several are projected to reach profitability within the next 12 months.
The Gender & Impact Mandate
While not exclusively a “gender fund,” Chui Ventures operates with a gender-inclusive mandate. The firm reports that 44% of its portfolio companies feature female founding teams.
Beyond equity stakes, the firm tracks job creation as a core metric. Chui reports its portfolio has generated over 1,200 direct jobs and approximately 40,000 indirect jobs — positions often held by gig workers or agents in distributed sales networks.
Dr. Dorothy Nyambi, CEO of MEDA (Mastercard Foundation Africa Growth Fund), noted that Chui’s strategy is to prove that social impact — specifically youth and gender inclusion — can correlate with “outsized returns.”
The Team
The fund is managed by General Partner Joyce-Ann Wainaina, a veteran corporate banker who previously served as Managing Director for Citibank Sub-Saharan Africa. The transition from traditional banking to venture capital is becoming a common trajectory in the African ecosystem, as operators seek to apply institutional discipline to early-stage investing.
Wainaina leads a five-person investment team with a combined 60 years of finance experience, split between Nairobi and Lagos.
What’s Next: Fund II
With Fund I closed and largely deployed, Chui Ventures is already preparing for its successor.
The firm has signaled plans to launch Fund II, targeting a corpus of $60m with a hard cap of $100m. The second vehicle will aim to replicate the strategy of Fund I but with a wider geographic scope that includes North Africa.
Sector focus will also tighten around financial services, B2B software, digital commerce, and climate tech, with the firm intending to take larger ownership stakes in its winners.
At a Glance: Chui Ventures Fund I
- Total Raised: $17.3m (Target: $10m)
- Stage: Seed
- Geography: Sub-Saharan Africa (expanding to North Africa for Fund II)
- Key LPs: Mastercard Foundation Africa Growth Fund, Michael & Susan Dell Foundation, African HNWIs.
- Portfolio count: 18 (Targeting 22)
- Key Investments: Pricepally, Leta, Uncover, Flex Finance.