What stage does Kukula Capital invest at?

Kukula Capital invests at the Seed, Series A, Series B, Series C, Growth stages.

Where is Kukula Capital located?

Kukula Capital is headquartered in Lusaka, ZM.

Kukula Capital

Impact investor

Lusaka · Seed–Growth · 10 people tracked

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Investment thesis

Kukula Capital works to deepen capital markets and support sustainable growth across Zambia and the wider Sub-Saharan African region. It operates through three integrated service areas: advisory (transaction advisory, M&A, capital raising, and capital markets solutions), asset management (portfolio management, fund administration, and investment monitoring), and research & consulting (market research, due diligence, investment readiness programmes, and project development). The firm combines patient capital with hands-on expertise, partnering with founders, management teams, and institutions. Its work spans SME investment readiness, IPO and listing advisory, debt raises, renewable energy project development, and impact investment research, blending institutional standards with local knowledge.

Invests inAgTech Cleantech Climate Tech Energy Fintech Impact & Social Good PropTech Africa Zambia

Source: firm website, verified Aug 3, 2026.

Stage

Seed–Growth

Lusaka, ZM

Instruments

Equity · Debt

Founded

2009

Tracked investments

Team · 10 people

from the firm's website & curated

Niels· Partner· Frankfurt Rhine-Main Metropolitan Area

Co-founder of Kukula Capital who has led fundraising for Kukula Fund I and Kukula Seed, with deep expertise in private equity, venture capital, and SME growth across Zambia.

n•••@kukulaseed.comreveal

Tue· Managing Partner

Co-founded Kukula Capital in 2009 and led its growth from a single VC fund to a diversified investment and advisory platform, with over 15 years in private equity, capital markets, and investment advisory in Zambia and the region.

t•••@kukulacapital.comreveal

Darryl· Partner

Leads advisory and capital raising mandates with international capital markets and corporate finance experience, having previously worked at Kepler Cheuvreux, PRA Group, and Lloyds Banking Group.

d•••@kukulacapital.comreveal

Mphaso· Partner· Sydney, New South Wales, Australia

Joined Kukula as an Analyst in 2021; a financial modelling expert with a BCom (Hons) in Finance and FMVA designation, bringing capital markets and infrastructure advisory expertise.

m•••@kukulacapital.comreveal

Faheemah· Associate· Paris, Île-de-France, France

Holds an MSc in Management with prior experience at KPMG Zambia and Creditifix Mauritius; supports SME fundraising, investment readiness, and financial management, focusing on research and consulting engagements.

f•••@kukulacapital.comreveal

Gavin

Corporate finance professional with a BCom in Economics and experience at Citi, FNB Zambia, and Flutterwave; supports advisory and research mandates with financial analysis, modelling, and market research.

g•••@kukulacapital.comreveal

Mchema

Seasoned financial analyst with a business/managerial economics degree from the University of Lancaster and prior experience at Stockbrokers Zambia, Madison Insurance, and Bank of Zambia; leads capital markets and advisory mandates.

m•••@kukulacapital.comreveal

Sakshi· San Donà di Piave, Veneto, Italy

Senior finance analyst with a CA ANZ Graduate Diploma, a Master of Applied Finance, and a BBusSc in Finance; experienced in healthcare infrastructure financing, energy pricing, and government budget modelling across advisory and consulting mandates.

s•••@kukulacapital.comreveal

Stephen· Head of Accounts & Compliance

Holds an MBA and ACCA and has been with Kukula over six years overseeing financial reporting, compliance, and regulatory obligations; a SEC-certified Investment Advisor and former Audit Manager at EMM Corporate Partners.

s•••@kukulacapital.comreveal

Marc Nilles· Junior Associate· Frankfurt Rhine-Main Metropolitan Areain

Member of the management board (Vorstand) of the Family Office der Frankfurter Bankgesellschaft AG, positioning the firm as an overall wealth strategist acting as a CFO for private and entrepreneurial assets.

Founder mafia

2 people who came through Kukula Capital went on to found or lead other companies.

Steffen TjerrildInvestment ManagerFounded Synthesia Vatan Aksoy TezerVolunteerFounded Neuromorphic

What they invest in

from 1 of 2 portfolio companies

AI & Machine Learning ×1Fintech ×1Mobility & Transportation ×1

HQs:Zambia×1

Investments · 2 tracked

founders shown can be your intro path

BBM (Bresmar Building Materials)

Zambian building materials company; Kukula Seed's first portfolio investment.

Dot Com Zambiadotcomzambia.com in

Dot Com Zambia PLC is a Zambian technology company that builds and operates digital tolling, mobility, and payment infrastructure, including the eToll platform used by individuals, corporate fleets, and government institutions.

AI & Machine LearningFintechMobility & TransportationLusaka, ZM

Mawano Kambeu(Founder & CEO)

Frequently asked questions

What stage does Kukula Capital invest at?: Kukula Capital invests at the Seed, Series A, Series B, Series C, Growth stages.
What sectors does Kukula Capital focus on?: Kukula Capital focuses on AgTech, Cleantech, Climate Tech, Energy, Fintech, Impact & Social Good, PropTech.
Where is Kukula Capital located?: Kukula Capital is headquartered in Lusaka, ZM.

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