The Africa-focused fund with a gender-inclusive strategy has invested in 18 firms in five countries in sub-Saharan Africa, almost half of which had female founding teams.
Chui Ventures, an Africa-focused seed-stage venture investor, said it had closed its first fund at $17.3m (€14.95m), having attracted investment from Mastercard Foundation Africa Growth Fund and the Michael & Susan Dell Foundation among others. It also announced the launch of its second fund with a $60m target size.
The first fund has focused on investment in founders in sub-Saharan Africa building mass-market, tech-enabled solutions that benefit job creation, financial inclusion, and gender equity. Investments from foundations, family offices and more than 30 high-net -worth investors enabled the fund to exceed its original $10m target.
Chui Ventures is led by Joyce-Ann Wainaina, a Kenyan-born businesswoman with an extensive track record in investment banking on the continent and beyond. She said Chui’s vision for Africa business was “for Africa, by Africa”.
“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,” she said.
Allocations
The first fund has deployed 60% of its committed capital since its first close in February 2023, investing in 18 portfolio companies across five countries in sub-Saharan Africa, Chui said.
The fund’s strategy is to support products for consumers and companies that allow technological “leapfrogging” in areas such as agritech, e-commerce, fintech, healthtech and logistics.
Examples of successful portfolio investments highlighted by Chui include Nigerian online grocery platform Pricepally, Kenyan-based supply chain logistics platform Leta, Flex Finance, which is a platform for managing spending, and Uncover, a skincare brand for African women.
Chui said its portfolio companies had created over 1,200 direct jobs and more than 40,000 indirect jobs so far, and that 44% had female founding teams. Its financial and insurance tech portfolio companies are estimated to have benefitted 285,000 people through financial inclusion.
The Chui fund’s strategy centres on expanding opportunities for women and young people, an approach highlighted by Dorothy Nyambi, CEO of Mennonite Economic Development Associates, the non-profit that leads the Mastercard Foundation Africa Growth Fund.
“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,” she said.
New fund
The asset manager also announced the launch of its second fund, which has a $60m fundraising target with a hard cap of $100m. First close for this fund is expected to take place in mid-2026.
Fund II will pursue a similar strategy to the first fund, but will expand regionally to include investments in North Africa. Chui said it would also have a stronger focus on financial services, B2B software, digital commerce, and climate-tech, and seek to take larger ownership positions in portfolio companies.
Chui plans to broaden out the limited partner base for Fund II to include new investors aligning with its impact objectives, including development finance institutions.
