Chui Ventures has announced the final close of its first fund at 17.3 million dollars, surpassing its initial target of 10 million dollars.
The fund attracted commitments from a diverse group of foundations, family offices and more than 30 high-net-worth individuals. Among these backers are the Mastercard Foundation Africa Growth Fund and the Michael and Susan Dell Foundation. More than 90 percent of the high-net-worth investors are of African origin, and 60 percent are African female executives. This aligns with the fund’s mandate to increase African capital participation within the continent’s innovation ecosystem.
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Since its first close in February 2023, the fund has deployed 60 percent of its capital and invested in 18 of its planned 22 portfolio companies in five markets across Sub-Saharan Africa. Most of its portfolio companies are either profitable or expected to reach profitability in the next 12 months while 5 of these startups have secured follow-on funding at higher valuations.
The portfolio includes fintech, healthtech, e-commerce, agritech and logistics companies. Some of the standout investments include Pricepally in Nigeria, Leta in Kenya, Uncover which focuses on skincare for African women and Flex Finance, a spending management platform. These companies address essential consumer needs through adaptable, technology-driven models that can expand across geographies.
Dr Dorothy Nyambi, CEO of MEDA which is part of the Mastercard Foundation Africa Growth Fund, said Chui Ventures represents the next phase of African venture capital. She noted the role of local capital allocators backing local innovators who deliver solutions with both strong returns and measurable social impact.
Impact
Chui Ventures reports that its portfolio companies have created more than 1,200 direct jobs and more than 40,000 indirect jobs. The fund has also advanced gender inclusion, with 44 percent of its portfolio companies having female founding teams.
The financial and insurance technology startups backed by the fund have collectively provided financial inclusion to 285,000 people.
“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.”
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Also Read: FSD Africa Unveils a $30 Million Insurtech Fund to Boost Inclusive Insurance Across Africa