# Kukula Capital

Kukula Capital is a Private Equity based in Lusaka, Zambia.

## Overview

- **Organization type:** Private Equity
- **Headquarters:** Lusaka, Zambia
- **Region:** Africa
- **Address:** Lusaka, Zambia
- **Founded:** 2013
- **Assets under management:** Undisclosed
- **Website:** www.kukulacapital.com
- **LinkedIn:** https://www.linkedin.com/company/kukula-capital

## Regulatory record

- **Reports private funds:** No

## About

Kukula Capital is a Zambia-headquartered investment firm with regional reach, delivering advisory, asset management, and research-led solutions that support sustainable growth and deepen capital markets. The firm partners with founders, management teams, and institutions, combining patient capital with hands-on expertise. It was founded in 2009 with Kukula Fund I, Zambia's first dedicated SME venture capital fund, and now operates across Advisory, Asset Management, and Research & Consulting.

## Sectors

- FinTech
- AgriTech & FoodTech
- Energy Transition & Renewables
- Enterprise Software
- Healthcare Services

## People

- Nicole DeMott Caset — Managing Partner
- Andrew DeMott — Partner

## Questions

### Who makes investment decisions at 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.

### Does Kukula Capital invest outside 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.

### How does Kukula Capital source its deal flow?

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.

### What is Kukula Capital's approach to portfolio support after investment?

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.

### Is Kukula Capital structured as a venture capital fund or a holding company?

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.

### What sectors does Kukula Capital explicitly avoid?

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.

## Related profiles

- [Kuiper](https://altss.com/profile/kuiper)
- [K.U. Leuven Research & Development](https://altss.com/profile/k-u-leuven-research-development)

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Last updated: 2026-08-11T15:07:12.582Z

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