Chui Ventures Closes USD 17.3 M Debut Fund Backed By African HNWIs & Global Foundations

Chui Ventures has closed its debut fund at USD 17.3 M, surpassing its original USD 10 M target and signalling renewed momentum for locally backed venture capital in Africa.

The Nairobi- and Lagos-based seed-stage firm secured commitments from major institutional investors—including the Mastercard Foundation Africa Growth Fund and the Michael & Susan Dell Foundation—but its cap table stands out for its strong base of local private capital, with more than 30 African HNWIs participating, 60% of them women.

Launched in 2023, the fund has already deployed 60% of its capital across 18 startups, backing companies like Pricepally, Leta, Uncover and Flex Finance in fintech, healthtech, agritech and logistics. Nearly half its portfolio features female founders, and it boasts that its startups have created over 1,200 direct and 40,000 indirect jobs.

With Fund I now closed, Chui is preparing a larger USD 60 M–USD 100 M Fund II, with plans to expand into North Africa and take bigger ownership stakes in high-growth sectors.