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Chui Ventures has Exceeded Its Initial $10 Million Fundraising Goal, Closing Its First Fund at $17.3 Million
Chui Ventures has exceeded its initial $10 million fundraising goal, closing its first fund at an impressive $17.3 million. This Africa-focused seed-stage fund has raised well beyond what it originally aimed for, joining a small group of African venture firms like Launch Africa and Ventures Platform that have also closed oversubscribed first funds.
The fund attracted a wide variety of investors, including foundations, family offices, and over 30 high-net-worth individuals. Among these investors are notable names like the Mastercard Foundation Africa Growth Fund and the Michael & Susan Dell Foundation. Interestingly, more than 90% of the high-net-worth backers are of African origin, and 60% of them are African female executives. This clearly shows strong local confidence in the fund’s mission.
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Joyce-Ann Wainaina, general partner at Chui Ventures, explains their vision simply but powerfully: “For Africa, by Africa.” She believes African founders are the best ones to tackle the continent’s challenges on a large scale. The success of Fund I proves that both global and local investors share the same belief. Moving forward, Chui Ventures plans to continue focusing on technology-driven companies that not only offer good financial returns but also create positive social impact.
Since the fund’s initial close back in February 2023, Chui Ventures has already invested 60% of the capital it raised. Over the last 30 months, it has backed 18 out of the 22 planned portfolio companies, spread across five Sub-Saharan African countries. Five of these startups have gone on to raise follow-on rounds at higher valuations, and several are either already profitable or expected to become profitable within the next year.
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Chui’s portfolio covers a range of sectors including fintech, healthtech, e-commerce, agritech, and logistics. Some standout startups they’ve invested in include Pricepally, a Nigerian online grocery platform; Leta, a supply chain software company based in Kenya; Uncover, a skincare brand designed for African women; and Flex Finance, a SaaS platform for spend management. These companies reflect Chui Ventures’ goal of supporting tech-enabled business models that meet essential needs and can scale both locally and across the continent.
With the success of Fund I behind them, Chui Ventures is already launching its second fund. This new fund aims to raise $60 million, with a maximum of $100 million. While it will stick to the core approach of Fund I, it plans to expand into North Africa and put more focus on financial services, B2B software, digital commerce, and climate tech. The second fund will also look to take bigger ownership stakes in its portfolio companies.
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