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Venture capital firm raises Sh2bn for tech startups

Africa’s venture ecosystem continues to navigate a global funding slowdown in 2023, attributed to rising inflation, weakening currency, and unfavourable interest rates, leading foreign investors to shift capital from emerging markets.

Photo credit: Shutterstock

By  Dennis Musau

Technology Correspondent

Nation Media Group

Venture capital (VC) firm Chui has raised $17.3 million (Sh2.2 billion) to back local founders building mass-market, tech startups in Kenya and across sub-Saharan Africa.

This is the final close of the Nairobi and Lagos-based investment firm’s debut Fund I, which originally had a fundraising target of $10 million (Sh1.29 billion).

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