Chui Ventures raises $17.3 million for its first fund

Chui Ventures, an Africa-focused seed-stage fund, has raised $17.3 million for its debut fund, surpassing its $10 million target and joining a small group of African venture firms, including Launch Africa and Ventures Platform, that closed oversubscribed first funds.

The fund drew commitments from a diverse mix of foundations, family offices, and more than 30 high-net-worth (HNW) individuals, including the Mastercard Foundation Africa Growth Fund and the Michael & Susan Dell Foundation. Notably, 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. As we look ahead, we will continue to double down 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 its committed capital over the past 30 months, investing in 18 of its targeted 22 portfolio companies across five Sub-Saharan African markets. Five of those companies have already raised follow-on rounds at higher valuations, and several are either profitable or on track to reach profitability within the next year, the firm said in a statement. 

The portfolio spans fintech, healthtech, e-commerce, agritech, and logistics, including 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 startups reflect Chui’s thesis, addressing essential needs through tech-enabled, adaptable business models designed to scale within and across markets.

Following the successful close of its first fund, the firm is now launching Fund II, targeting $60 million with a hard cap of $100 million. The new fund will maintain Chui’s core strategy but expand into North Africa and deepen its focus on financial services, B2B software, digital commerce, and climate tech. It will also pursue larger ownership stakes in portfolio companies.