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Chui Ventures, the pan-African early-stage venture capital firm with a gender-inclusive investment philosophy, has closed its maiden Fund I at US$17.3 million, comfortably surpassing its initial target of US$10 million.
Chui Ventures’ Fund I is dedicated to backing local African founders who build broadly relevant, tech-enabled solutions tailored for mass markets across sub-Saharan Africa.
The fund has attracted support from a wide array of investors, including Mastercard Foundation Africa Growth Fund and the Michael & Susan Dell Foundation.
Since the first close in February 2023, Chui Ventures has already deployed about 60 per cent of Fund I’s committed capital over roughly 30 months.
The investments have gone to 18 of the planned 22 companies, spanning five countries in sub-Saharan Africa, with five of those companies having secured follow-on funding.
The portfolio covers sectors including fintech, health-tech, e-commerce, agritech and logistics.Notable investments include Pricepally — a Nigerian online grocery platform; Leta — a Kenya-based supply-chain software company; Uncover — a skincare brand focused on African consumers; and Flex Finance — a spending-management SaaS startup.
According to general partner Joyce-Ann Wainaina: “Our vision at Chui is simple but powerful: For Africa, by Africa.”
She added that the final close of Fund I demonstrates how both global and regional investors are aligned around the belief that African founders are best placed to tackle the continent’s large-scale challenges.
Candi Solar, a company that supplies clean energy to businesses in developing countries, has raised $24 million in new funding from its current backers.
South African recruitment startup JOBJACK has announced securing S$2.5 million in pre-Series A funding to revolutionize the entry-level recruitment process in the country.
The startup secured the seed extension funding from NEXT176, a subsidiary of Old Mutual, and Tofino Capital, a US-based market investor.
