Chui Ventures, a Pan-African Seed fund led by Managing Partner Joyce-Ann Wainaina, has secured a $9 million commitment from the Mastercard Foundation Africa Growth Fund. In a statement, Mastercard said the investment aims to catalyze Chui Ventures’ efforts to reach its target to support inclusive innovation across Africa.
Joyce-Ann Wainaina, a seasoned corporate executive and former Managing Director of Citibank, aims to support local founders developing mass-market solutions. During her tenure at Citibank, she served 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.
“This investment will be a game-changer for exceptional African startups, enabling Chui to provide the necessary support for them to flourish,” says Joyce-Ann Wainaina. “Our experience in global corporate banking, private equity, and wealth management positions us well to guide these startups through their early growth stages.”
Chui Ventures has previously made investments in 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 also expanded its portfolio with strategic investments in VestedWorld, a Venture Capital Fund targeting Ghana, Kenya, and Nigeria, and SME Impact Fund, based in Arusha, Tanzania, which addresses financing challenges for smallholder farmers and SME food processors.
“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, we aim to drive economic transformation and unlock the immense entrepreneurial talent across the continent.” Focused on burgeoning industries, VestedWorld is a Venture Capital Fund that targets investments in Ghana, Kenya, and Nigeria. The fund has received a commitment of $10 million from the Mastercard Foundation Africa Growth Fund that will be deployed in early-stage, high potential companies. The Fund will be providing the first institutional investment to this fund.
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