Mastercard Africa Growth Fund Injects $27 Million into Chui Ventures, VestedWorld, and SME Impact Fund

In a significant move to bolster impact investment in Africa, the Mastercard Africa Growth Fund has announced substantial investments totaling $27 million in three prominent investment firms: Chui Ventures, VestedWorld, and SME Impact Fund.

Chui Ventures secures $9 million from the fund, VestedWorld receives $10 million, and SME Impact Fund is granted $8 million, marking a pivotal step in advancing impact-driven initiatives on the continent. This latest injection of funds brings the total number of recipients supported by the Africa Growth Fund to five.

Prior to this, the Mastercard Africa Growth Fund had already made notable investments, allocating $2.2 million to Aruwa Capital Management and $5 million to Inua Capital. Aruwa Capital, a women-led investment firm established in 2019, focuses on supporting women entrepreneurs and businesses catering to the needs of women. The firm has invested in various ventures, including Fastizers, CrowdForce, Taeillo, Pngme, and Lifestores Pharmacy.

Launched in December 2022, the Africa Growth Fund is a $200 million fund of funds, aiming to bridge the financing gap in Africa’s impact investment landscape. Supported by Investisseurs & Partenaires (I&P), ESPartners (ESP), Criterion Institute, Genesis Analysis, and Africa Communications Group, the fund provides business development services, fund advisory, communications support, and diversity and inclusion advisory to its portfolio companies.

Expressing enthusiasm about the recent investments, Samuel Akyianu, Managing Director of the Mastercard Foundation Africa Growth Fund, stated, “We are excited to welcome Chui Ventures, Vested World, and SME Impact Fund to our expanding family of investment vehicles. These strategic partnerships represent our ongoing commitment to fostering sustainable development in Africa through impactful investments.”

SME Impact Fund, a Tanzanian fund manager, specializes in investments in the country’s agricultural sector. With 44 investments totaling over $15 million, the fund has reached 23,000 smallholder farmers in Tanzania, contributing to the creation of more than 3,000 jobs.

These investments underline Mastercard’s commitment to driving positive change in Africa by supporting impactful initiatives and fostering sustainable development across various sectors.