Africa-focused early-stage investor Chui Ventures has closed its first fund at $17.3 million and announced plans for a second vehicle targeting $60 million. The firm backs seed-stage startups across the continent with a gender-inclusive investment strategy.
Fund I attracted capital from the Mastercard Foundation Africa Growth Fund, the Michael & Susan Dell Foundation, and other global and local investors. Since the first close in February 2023, the fund has deployed about 60% of its commitments into 18 startups across five sub-Saharan African countries. Almost half of these companies have female founding teams. Portfolio examples include Nigeria’s grocery platform Pricepally, Kenya’s logistics operator Leta, and Nigeria’s Flex Finance.
Managing partner Joyce-Ann Wainaina said the firm’s approach is to support African founders building solutions for African markets. Chui Ventures plans to raise its second fund with a first close expected in mid-2026. Fund II will expand into North Africa and increase exposure to financial services, B2B software, digital commerce and climate-tech.
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Key Takeaways
Chui Ventures’ fund close highlights continued interest in Africa’s seed-stage ecosystem despite a slower global venture cycle. The firm’s gender-inclusive strategy aligns with a wider push among institutional investors to channel more capital toward diverse founding teams, which remain underfunded across African markets. Early-stage capital has become critical as many African startups face tighter funding conditions and longer fundraising timelines. By targeting B2B software, financial services, logistics and digital commerce, Chui is focused on sectors that continue to attract investment due to clear revenue pathways and large addressable markets. The move to expand into North Africa reflects increasing integration between East, West and North African tech ecosystems and rising investor interest in regional scale. Fund II’s target size also shows that limited partners are still willing to back specialist African GPs with strong local networks and sector focus, even as the broader VC environment remains constrained.