Chui Ventures, a Pan-African Seed fund led by Managing Partner Joyce-Ann Wainaina, has secured a substantial $9 million commitment from the Mastercard Foundation Africa Growth Fund. This strategic investment is poised to accelerate Chui Ventures’ mission to foster inclusive innovation across the African continent.
Joyce-Ann Wainaina, a seasoned corporate executive and former Managing Director of Citibank, brings a wealth of experience to Chui Ventures. Her focus is on supporting local founders developing mass-market solutions, leveraging her extensive background, including serving as Head of Citi’s Global Network Banking across Sub Sahara Africa and later as the Chief Executive Officer of Citibank Kenya and East Africa from 2014 to 2019.
Mastercard Foundation, in a statement, expressed its commitment to catalyze Chui Ventures’ efforts in supporting African startups. The investment aims to be a game-changer for exceptional African startups, providing the necessary support for them to flourish.
“Our experience in global corporate banking, private equity, and wealth management positions us well to guide these startups through their early growth stages,” affirms Joyce-Ann Wainaina.
Chui Ventures has a track record of investments in noteworthy startups such as Fingo Africa (a Digital Banking startup), Marketforce (a B2B e-commerce startup), ShopZetu (a Fashion e-commerce startup), Leta (a B2B supply chain and logistics SaaS provider), and Tappi (an end-to-end digital commerce SaaS solution tailored for small and medium-sized businesses).
The Mastercard Foundation Africa Growth Fund has also expanded its portfolio by strategically investing in VestedWorld, a Venture Capital Fund targeting Ghana, Kenya, and Nigeria, and SME Impact Fund, based in Arusha, Tanzania. VestedWorld focuses on burgeoning industries and has received a commitment of $10 million from the Mastercard Foundation Africa Growth Fund. The fund will be deployed in early-stage, high-potential companies, providing the first institutional investment to this fund.
“We are excited to partner with the Mastercard Foundation Africa Growth Fund. The deal will strengthen high-potential African start-ups and provide them with what they need to succeed,” says Nneka Eze, General Partner and Managing Partner of VestedWorld. Together, they aim to drive economic transformation and unlock the immense entrepreneurial talent across the continent.
As the African startup ecosystem continues to gain momentum, the collaboration between Chui Ventures and the Mastercard Foundation is poised to be a catalyst for transformative change, fostering innovation and economic growth across the continent.
Charles Rapulu Udoh is a Lagos-based lawyer, who has several years of experience working in Africa’s burgeoning tech startup industry. He has closed multi-million dollar deals bordering on venture capital, private equity, intellectual property (trademark, patent or design, etc.), mergers and acquisitions, in countries such as in the Delaware, New York, UK, Singapore, British Virgin Islands, South Africa, Nigeria etc. He’s also a corporate governance and cross-border data privacy and tax expert. As an award-winning writer and researcher, he is passionate about telling the African startup story, and is one of the continent’s pioneers in this regard.