Kukula Capital

Managing Partner Nicole DeMott Caset and Partner Andrew DeMott lead the investment committee. Both relocated from the United States to establish the firm in Lusaka. The team operates lean, with the two partners directly sourcing, underwriting, and managing portfolio positions. Caset's focus has historically centered on deal origination and portfolio acceleration, while DeMott handles financial structuring and LP relations.

Kukula writes first-institutional checks into post-revenue startups. The firm targets the seed stage, typically deploying between $50,000 and $250,000 per initial investment. It requires that a company have a product in the market and paying customers before investing. This post-revenue threshold differentiates Kukula from microfinance or pure pre-seed grant vehicles active in Zambia.

Kukula is headquartered in Lusaka and concentrates its portfolio primarily inside Zambia. It selectively reviews opportunities in neighboring Southern African markets, particularly Malawi and Zimbabwe, when deal flow meets its post-revenue and sector criteria. The firm's participation in the VC4A network has broadened its regional sourcing antenna without changing its Zambia-first mandate.

Sourcing runs through the founders' personal networks among Lusaka-based entrepreneurs, accelerators, and diaspora communities. Kukula also draws referrals from development-finance programs and regional angel networks. In 2024, the firm formalized its link to pan-African pipeline by joining VC4A as a mentor partner, which surfaces early-stage companies across the continent seeking institutional lead investors.

Kukula takes an operationally intensive approach, often securing a board seat or observer rights with each investment. The partners provide hands-on support in financial modeling, governance, and go-to-market strategy during the first 12 to 18 months. This venture-studio-style engagement compensates for the thin management-layer found at most sub-$1M-revenue businesses in the market.

Kukula operates as a private equity manager raising and deploying closed-end or pledge-fund venture capital vehicles. The firm is not a holding company, family office, or corporate venture arm. It charges management fees and carries interest, and its LP base includes development-finance institutions, high-net-worth individuals, and family offices seeking direct exposure to Zambian growth-stage assets.

Kukula does not invest in extractive industries, commodities trading, or real estate development — the traditional store-of-wealth vehicles in Zambia. It also avoids pre-revenue concept-stage startups and non-profit enterprises. The firm has publicly concentrated its efforts on FinTech, AgriTech & FoodTech, Energy Transition & Renewables, Enterprise Software, and Healthcare Services.