Chui Ventures Raises $17.3 Million to Invest in African Tech Startups

Chui Ventures, a Pan-African seed-stage venture capital fund has raised $17.3 million to back local African founders building mass-market, tech-enabled solutions across Sub-Saharan Africa.

The fund, which surpassed its original target of $10 million, was raised from Family offices, and over 30 High-Net-Worth individuals, including the Mastercard Foundation Africa Growth Fund and the Michael & Susan Dell Foundation.

“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,” said Dr Dorothy Nyambi, CEO, MEDA – Mastercard Foundation Africa Growth Fund.

Chui’s strategy focuses on tech-enabled products for everyday consumers and MSMEs, where leapfrogging is most pronounced.

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 5 countries in Sub-Saharan Africa. Five portfolio companies have already raised follow-on rounds at higher valuations, and several are either profitable or on track to profitability within the next 12 months.

Its portfolio includes Nigeria’s online grocery platform Pricepally, Kenya-based supply chain SaaS Leta,  Uncover, a Skincare brand for African women and Flex Finance, a SaaS platform for managing spending.

“Chui backs local founders who know exactly what their communities need – and have the bold ideas and drive to deliver,” said Thashlin Govender, Senior Director at the Michael & Susan Dell Foundation. “Their businesses are creating jobs, growing incomes, and fueling opportunity where it matters most.”

Chui Ventures is led by Joyce-Ann Wainaina, General Partner, who brings more than two decades of leadership in African banking and global finance. She previously served as Managing Director for Citibank Sub-Saharan Africa and CEO of Citibank East Africa, is a Senior Fellow at Yale University’s Jackson School of Global Affairs, and was recognized as ‘Woman Investor of the Year 2023’ by the East Africa Venture Capital Association (EAVCA).

After the successful close of Fund I, Chui Ventures is launching Fund II, targeting $60 million (with a hard cap of $100 million). The next fund will maintain a similar core strategy while expanding into North Africa and sharpening focus on financial services, B2B Software, Digital commerce, and Climate-Tech. The fund will also target stronger ownership positions.

“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.”