Africa-focused seed investor Chui Ventures has announced the final close of its first fund at US $17.3 million, surpassing its original $10 million target, and has simultaneously launched plans for a second vehicle targeting $60 million, according to multiple investment reports.
The debut vehicle, which was oversubscribed and attracted commitments from the Mastercard Foundation Africa Growth Fund, the Michael & Susan Dell Foundation, family offices and more than 30 high-net-worth individuals, will continue deploying early-stage capital into mass-market, tech-enabled startups across Sub-Saharan Africa. About 60 per cent of Fund I’s capital has already been deployed into 18 portfolio companies across five countries.
Chui Ventures’ general partner Joyce-Ann Wainaina said the fund’s close reflects a deepening investor belief in locally led ventures addressing African market challenges. Fund I’s portfolio spans fintech, healthtech, e-commerce, agritech and logistics, including companies such as Nigeria’s Pricepally, Kenya’s Leta, skincare brand Uncover and spending-management platform Flex Finance.
Nearly half of Chui’s portfolio companies are led by female founding teams, and the fund reports the startups have created more than 1,200 direct jobs and over 40,000 indirect jobs, while extending financial inclusion to hundreds of thousands in their markets.
Buoyed by its initial success, Chui Ventures announced the launch of Fund II with a target size of $60 million and a hard cap of $100 million, with a first close expected in mid-2026. The new vehicle will broaden the firm’s geographic scope to include North Africa and intensify focus on financial services, B2B software, digital commerce and climate tech, while seeking larger ownership positions in portfolio companies.
Chui Ventures, which operates out of Nairobi and Lagos, has positioned itself as a gender-inclusive early-stage backer that mobilises local and global capital for African founders, responding to continued demand for seed-stage funding even as global venture activity remains cautious.
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