Fundraising Fox
Kukula Capital
Venture capitalLusaka · Growth · 10 people tracked
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Investment thesis
Kukula Capital focuses on providing patient, long-term capital and hands-on advisory support to mid-market businesses and SMEs in Zambia and the broader Sub-Saharan African region. Founded in 2009 with Zambia's first dedicated SME venture capital fund, the firm has since evolved into a diversified platform spanning direct investment, advisory, asset management, and research. It partners closely with founders and management teams to support growth, strengthen governance, and build resilience, grounded in deep local insight and disciplined investment principles. The firm also plays an active role in developing Zambia's capital markets, having advised on landmark transactions such as the country's first AltM IPO.
Source: firm website, verified Nov 7, 2026.
Team · 10 people
from the firm's website & curated
Co-founder of Kukula Capital who has led fundraising for both Kukula Fund I and Kukula Seed, with deep expertise in private equity, venture capital, SME growth, and entrepreneurship across Zambia.
Co-founder of Kukula Capital in 2009 who has led its growth from a single VC fund to a diversified investment and advisory platform, with over 15 years of experience in private equity, capital markets, and investment advisory across Zambia and the region.
Leads advisory, debt structuring, and capital raising mandates, bringing international capital markets and corporate finance experience from Kepler Cheuvreux, PRA Group, and Lloyds Banking Group.
Joined Kukula as an Analyst in 2021; a University of the Witwatersrand finance graduate and FMVA holder specializing in financial modelling, capital markets, and infrastructure advisory in Zambia.
Holds an MSc in Management and supports SME fundraising, investment readiness, and financial management, with prior experience at KPMG Zambia and Creditifix Mauritius.
A corporate finance professional with experience at Citi, FNB Zambia, and Flutterwave who supports Kukula's advisory and research mandates through financial analysis, modelling, and market research.
A seasoned financial analyst with a degree from the University of Lancaster and prior experience at Stockbrokers Zambia, Madison Insurance, and Bank of Zambia, leading capital markets and advisory mandates.
A senior finance analyst with Chartered Accounting (CA ANZ) and applied finance qualifications, experienced in healthcare infrastructure financing, energy pricing, and government budget modelling across Africa and Australia, working on advisory and consulting mandates.
An MBA and ACCA-qualified, SEC-certified Investment Advisor with over six years at Kukula overseeing financial reporting, compliance, and regulatory matters; previously Audit Manager at EMM Corporate Partners.
Board member (Vorstand) of the firm who describes the office as a total-wealth strategist acting as a CFO for private and entrepreneurial wealth.
Founder mafia
4 people who came through Kukula Capital went on to found or lead other companies.
What they invest in
from 1 of 2 portfolio companiesAI & Machine Learning ×1Fintech ×1Mobility & Transportation ×1
HQs:Zambia×1
Investments · 2 tracked
founders shown can be your intro path
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)in
Other
Tracked investments with no reachable website or further public details — typically companies that wound down, renamed, or were absorbed.
BBM (Bresmar Building Materials)
Portfolio news
latest coverage across their companiesDot Com Zambia · techafricanews.com · May 14, 2026
Frequently asked questions
- What stage does Kukula Capital invest at?
- Kukula Capital invests at the Growth stage.
- What sectors does Kukula Capital focus on?
- Kukula Capital focuses on AgTech, Cleantech, Climate Tech, Energy, Fintech, Impact & Social Good, PropTech, Sector Agnostic.
- Where is Kukula Capital located?
- Kukula Capital is headquartered in Lusaka, ZM.
Images
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