Chui Ventures announces close of Fund I
The fund backs local African founders building mass-market, tech-enabled solutions across sub-Saharan Africa.
** For the best experience, download the free Africa Private Equity News app Android | iOS **
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, surpassing its original fundraising target of $10 million.
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 investors, including the Mastercard Foundation Africa Growth Fund and the Michael & Susan Dell Foundation.
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 five countries in Sub-Saharan Africa. Five portfolio companies have already raised follow-on rounds.
Its portfolio spans fintech, healthtech, e-commerce, agritech and logistics. Investments include Pricepally, a Nigerian online grocery platform; Kenya-based supply chain software company Leta; Uncover, a skincare brand focused on African consumers; and Flex Finance, a spending-management SaaS provider.
“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.”
Want to know who is raising, investing, and exiting in Africa? Get Africa Private Equity News’ monthly Dealmaker’s Log – a database of reported investment deals, exits, and fundraising closes. Subscribe now