Africa-focused seed investor Chui Ventures launches new $60 M vehicle, closes its first fund at $17.3 M
Chui Ventures, a gender-inclusive seed-stage investor with a focus on Africa, closed its first fund at US$17.3 million and announced its next fund, which aims to raise US$60 million.
An investment firm called Chui Ventures supports outstanding African startups in their early stages of development. Its staff has over 60 years of combined experience in wealth management, private equity, and international corporate banking in the US, UK, and Africa.
The Michael & Susan Dell Foundation and the Mastercard Foundation Africa Growth Fund, among others, contributed to its first fund, which closed at US$17.3 million. Thus far, Chui Ventures has made investments in eighteen companies across five sub-Saharan African nations, nearly half of which had female founding teams. Kenyan supply chain logistics platform Leta, Nigerian spend management platform Flex Finance, and Nigerian online grocery platform Pricepally are a few examples.
Since its initial close in February 2023, the first fund has deployed 60% of its committed capital. Chui Ventures has now announced the launch of its second fund, which has a hard cap of US$100 million and a target size of US$60 million. This fund is anticipated to close for the first time in the middle of 2026.
Chui Ventures’ managing partner, Joyce-Ann Wainaina, stated that the fund’s mission 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.
Similar to the first fund, Fund II will expand regionally to include investments in North Africa. Additionally, according to Chui, it would prioritize financial services, B2B software, digital commerce, and climate-tech, and it would aim to increase its ownership stake in portfolio companies.
