There are many gender lens investors present in Africa, but who is actually funding women-led startups on the continent?
…As a Female Entreprenuer,Startup Advisor and Board Chair in Africa , I’ve been eager to compile this blog on who is actually funding women led startups in Africa(vs who only talks about doing it ) for quite some time, aiming to highlight the top investors in women-led startups in Africa for several reasons:
- Yearly there is always some women led investment vehicle being launched and I was curious to see if investors genuinely support women-led initiatives as much as they claim.
- I aimed to create a useful list of women-led startups in Africa for potential investment outreach, believing that past investment behaviors (supporting women) are likely indicators of future actions, meaning these entities are more inclined to fund women-led startups.
Utilizing data from the Big Deal database, which conveniently categorizes information based on whether startups are female-led, entirely female-run, or founded solely by women, I’ve extracted some intriguing insights. The Big Deal database only includes transactions of $100K+ from 2021 to 2024, plus deals of $500K+ for 2020 and $1M+ for 2019.
Below is a list of women-led startups in Africa (with women CEOs) that received funding between 2019 and 2024. Topping the list are Angel Investors, a collective term for various individual angel investors and investor groups not explicitly named in the database. This isn’t surprising, as angel investors are generally more inclined to support female founders.
The top five investors include Google for Startups Black Founders Fund, Techstars, Launch Africa, DEG (Germany), and Five35. These investors have backed ventures like Pezesha, a Kenyan SME micro-lending platform whose embedded finance fintech recently secured an $11 million pre-Series A equity-debt round. This round was led by Women’s World Banking Capital Partners II, with contributions from Verdant Frontiers Fintech Fund, cFund, and Cardano blockchain builder Input Output Global.
Also featured is Uzoebo, Africa’s largest agricultural digital marketplace, and Mobility for Africa (MFA), which offers last-mile, green mobility services to rural communities using custom-built electric tricycle
Graphic of Top 25 Investor of Women led startups in Africa
Total list of Investors 2019-2024
1-10
Rank | Investor | Number of Investment(s) | Description |
1 | Angel Investors | 55 | Individual investors who provide capital for startups, often in exchange for convertible debt or ownership equity. |
2 | Google For Startups Black Founders Fund | 30 | A fund by Google supporting Black entrepreneurs with non-dilutive capital, ongoing mentorship, and resources. |
3 | Techstars | 22 | A global platform that provides investment and innovation for early-stage tech startups. |
4 | Launch Africa | 14 | A venture capital firm focused on investing in scalable, high-growth companies across Africa. |
5 | DEG (Germany) | 13 | A German development finance institution that invests in profitable projects in developing and emerging countries. |
6 | Five35 | 12 | An investment firm with a focus on empowering and supporting startups and entrepreneurs. |
7 | Founders Factory Africa | 11 | An African venture development company partnering with corporates to build and scale startups across the continent. |
8 | Future Africa | 10 | A platform that provides capital, coaching, and community for African innovators and entrepreneurs. |
9 | Catalyst Fund | 9 | An inclusive fintech fund that supports early-stage startups in emerging markets with the potential to improve financial inclusion. |
10 | African Development Bank | 9 | A financial institution supporting economic and social development in Africa through loans, equity investments, and technical assistance. |
Next >> 11-498
|
Investor |
Number of Investment(s) |
11 |
500 Global |
9 |
12 |
Flat6Labs |
8 |
13 |
Launch Africa |
8 |
14 |
Enygma Ventures |
7 |
15 |
Government of Canada |
6 |
16 |
Plug and Play |
6 |
17 |
LoftyInc Capital Management |
6 |
18 |
EchoVC Partners |
6 |
19 |
GSMA Innovation Fund |
5 |
20 |
USAID |
5 |
21 |
Alibaba Foundation |
5 |
22 |
Africa’s Business Heroes |
5 |
23 |
DOB Equity |
4 |
24 |
Antler |
4 |
25 |
LoftyInc Capital Management |
4 |
26 |
Y Combinator |
4 |
27 |
4DX Ventures |
4 |
28 |
FirstCheck Africa |
4 |
29 |
Golden Palm Investments |
4 |
30 |
Musha Ventures |
4 |
31 |
Microtraction |
4 |
32 |
VestedWorld |
4 |
33 |
Janngo Capital |
4 |
34 |
Precursor Ventures |
3 |
35 |
Newtown Partners |
3 |
36 |
Jua Fund |
3 |
37 |
Bettervest |
3 |
38 |
WeFunder |
3 |
39 |
Norrsken (accelerator) |
3 |
40 |
Nama Ventures |
3 |
41 |
On Deck |
3 |
42 |
Katapult |
3 |
43 |
Mastercard Foundation |
3 |
44 |
Chandaria Capital |
3 |
45 |
DFS Lab |
3 |
46 |
Techstars |
3 |
47 |
Raba Partnership |
3 |
48 |
CRE Venture Capital |
3 |
49 |
Goodwater Capital |
3 |
50 |
Hustle Fund |
3 |
51 |
Rising Tide Africa |
3 |
52 |
Consonance Investment Managers |
3 |
53 |
Mercy Corps Ventures |
3 |
54 |
Logos Ventures |
3 |
55 |
Kepple Africa Ventures |
3 |
56 |
Michael & Susan Dell Foundation |
2 |
57 |
Tlcom Capital |
2 |
58 |
Goodwell Investments |
2 |
59 |
VestedWorld |
2 |
60 |
SAB Foundation |
2 |
61 |
Susa Ventures |
2 |
62 |
Expert Dojo |
2 |
63 |
WIC Capital |
2 |
64 |
Opes-LCEF |
2 |
65 |
Samurai Incubate |
2 |
66 |
IDF Capital |
2 |
67 |
Platform Capital |
2 |
68 |
CDG |
2 |
69 |
EchoVC Partners |
2 |
70 |
Greycroft Partners |
2 |
71 |
FINCA Ventures |
2 |
72 |
Alitheia IDF |
2 |
73 |
Target Global |
2 |
74 |
Talanton |
2 |
75 |
EdVentures |
2 |
76 |
The Continent Venture Partners |
2 |
77 |
Microtraction |
2 |
78 |
Hala Ventures |
2 |
79 |
Five35 |
2 |
80 |
Enza Capital |
2 |
81 |
Proparco |
2 |
82 |
Austrian Development Agency |
2 |
83 |
Aions Creative Technology |
2 |
84 |
Grindstone Ventures |
2 |
85 |
Milken Institute Center for Strategic Philanthropy |
2 |
86 |
Patrick McGovern Foundation |
2 |
87 |
E4E |
2 |
88 |
Naspers Foundry |
2 |
89 |
Total Energies |
2 |
90 |
EMURGO |
2 |
91 |
Axian Group |
2 |
92 |
Family Offices |
2 |
93 |
Shequity |
2 |
94 |
Chrysalis Capital |
2 |
95 |
Oui Capital |
2 |
96 |
Samurai Incubate |
2 |
97 |
First Circle Capital |
2 |
98 |
Samata Capital |
2 |
99 |
Berrywood Capital |
2 |
100 |
Greycroft Partners |
2 |
101 |
Elea Foundation |
2 |
102 |
4DX Ventures |
2 |
103 |
Octerra Capital |
2 |
104 |
Global Brain Corporation |
2 |
105 |
Golden Ventures |
2 |
106 |
Seedstars |
2 |
107 |
Kaleo Ventures |
2 |
108 |
Globivest |
2 |
109 |
Enza Capital |
2 |
110 |
Atlantica Ventures |
2 |
111 |
Voltron Capital |
2 |
112 |
Motsepe Foundation |
2 |
113 |
Superorganism |
2 |
114 |
Endeavor |
2 |
115 |
A to Z Impact |
2 |
116 |
GMS Capital Partners |
2 |
117 |
Digital Africa (AFD) |
2 |
118 |
Satgana |
2 |
119 |
Acuity Ventures |
2 |
120 |
Lateral Capital |
2 |
121 |
Beyond Capital Ventures |
2 |
122 |
Verod-Kepple Africa Ventures (VKAV) |
2 |
123 |
Axel Johnson Inc |
1 |
124 |
Bill & Melinda Gates Foundation |
1 |
125 |
Merck |
1 |
126 |
Thawer Fund Management |
1 |
127 |
GGV Capital |
1 |
128 |
Naspers Foundry |
1 |
129 |
Rippleworks |
1 |
130 |
CANAL+ Group |
1 |
131 |
Dashen Bank |
1 |
132 |
Match Group |
1 |
133 |
Fincheck |
1 |
134 |
Jacobs Foundations and others |
1 |
135 |
Development Bank of Southern Africa |
1 |
136 |
Crystal Stream Capital |
1 |
137 |
SA SME Fund |
1 |
138 |
Algebra Ventures |
1 |
139 |
FinnFund |
1 |
140 |
Solve Innovation Future |
1 |
141 |
Futuregrowth Asset Management |
1 |
142 |
Consonance Investment Managers |
1 |
143 |
U.S. International Development Finance Corporation (DFC) |
1 |
144 |
Mobility 54 |
1 |
145 |
KawiSafi Ventures |
1 |
146 |
Swedfund |
1 |
147 |
Co-Creation Hub |
1 |
148 |
E4E and angel investors |
1 |
149 |
Itanna |
1 |
150 |
Intel Capital |
1 |
151 |
Anorak Ventures |
1 |
152 |
European Investment Bank |
1 |
153 |
Creadev |
1 |
154 |
CCHub Syndicate |
1 |
155 |
Matthew Kalish |
1 |
156 |
E Squared Investments |
1 |
157 |
Vault |
1 |
158 |
SoftBank Opportunity Fund |
1 |
159 |
Aptive Capital |
1 |
160 |
Li-Way |
1 |
161 |
Zeepay |
1 |
162 |
Accion Venture Lab |
1 |
163 |
AXA Group |
1 |
164 |
Acumen Fund |
1 |
165 |
Investisseurs & Partenaires (I&P) |
1 |
166 |
Orange Group |
1 |
167 |
HoaQ |
1 |
168 |
Bevy |
1 |
169 |
Emergence Capital |
1 |
170 |
Dakar Network Angels |
1 |
171 |
Brmaja |
1 |
172 |
Bidayat |
1 |
173 |
Seed South Capital |
1 |
174 |
Edge Growth |
1 |
175 |
Empawa Africa |
1 |
176 |
Janngo Capital |
1 |
177 |
WitaMax |
1 |
178 |
Greenhouse Capital |
1 |
179 |
The Blue Link |
1 |
180 |
MTN Business |
1 |
181 |
Palmetto |
1 |
182 |
Sakhumnotho Group |
1 |
183 |
Banque Islamique de Guinée |
1 |
184 |
Microtraction and others |
1 |
185 |
Flori Ventures |
1 |
186 |
CoinShares Ventures |
1 |
187 |
Fawry |
1 |
188 |
University Technology Fund |
1 |
189 |
Next Chymia Consulting |
1 |
190 |
First Circle Capital |
1 |
191 |
EDFI ElectriFI |
1 |
192 |
dfin Holding |
1 |
193 |
All On |
1 |
194 |
CRE Venture Capital |
1 |
195 |
Breega |
1 |
196 |
Shakti Capital |
1 |
197 |
Oui Capital |
1 |
198 |
Speedinvest |
1 |
199 |
Wamda Capital |
1 |
200 |
Docklands Ventures |
1 |
201 |
BPI France |
1 |
202 |
Noemis Ventures |
1 |
203 |
Beyond Capital Ventures |
1 |
204 |
Warner Music Group |
1 |
205 |
Cauris Finance |
1 |
206 |
Slauson & Co |
1 |
207 |
Norrsken22 |
1 |
208 |
Orange Digital Ventures |
1 |
209 |
The Delta |
1 |
210 |
Amex Ventures |
1 |
211 |
Sawari Ventures |
1 |
212 |
Fin (Finclusion Group) |
1 |
213 |
Ingressive Capital |
1 |
214 |
Neo |
1 |
215 |
Tencent |
1 |
216 |
Santam |
1 |
217 |
The Fintech Fund |
1 |
218 |
Harlem Capital |
1 |
219 |
Havaic |
1 |
220 |
Google (VC) |
1 |
221 |
WE! Fund |
1 |
222 |
Women’s World Banking |
1 |
223 |
Sufishent |
1 |
224 |
Unicorn Growth Capital |
1 |
225 |
UM6P Ventures |
1 |
226 |
Egyptian Company for Cosmetics |
1 |
227 |
valU Egypt |
1 |
228 |
Oman Investment Fund |
1 |
229 |
Kaleo Ventures |
1 |
230 |
Startup Wise Guys |
1 |
231 |
Innlife Investments |
1 |
232 |
Malaica |
1 |
233 |
Huruma Fund |
1 |
234 |
Anthemis Group |
1 |
235 |
FirstCheck Africa |
1 |
236 |
InfraCo Africa |
1 |
237 |
Shequity |
1 |
238 |
Earthshot prize |
1 |
239 |
LEGO Foundation |
1 |
240 |
Aruwa Capital |
1 |
241 |
New York Ventures |
1 |
242 |
Future Africa |
1 |
243 |
BH Equity |
1 |
244 |
Kwara |
1 |
245 |
Heifer International |
1 |
246 |
LocalGlobe |
1 |
247 |
Mozilla Ventures |
1 |
248 |
New GX Ventures SA |
1 |
249 |
1 |
|
250 |
Azur Innovation Fund |
1 |
251 |
Altos Ventures |
1 |
252 |
Transform Global |
1 |
253 |
Renew Capital |
1 |
254 |
Ventures Platform |
1 |
255 |
CV Labs |
1 |
256 |
Kima Ventures |
1 |
257 |
Chui Ventures |
1 |
258 |
Intaba Capital |
1 |
259 |
Iziko2.0 |
1 |
260 |
Pale Blue Dot |
1 |
261 |
CommerzVentures |
1 |
262 |
The Raba Partnership Partnership |
1 |
263 |
Alta Semper Capital |
1 |
264 |
CIBAN (Côte d’Ivoire Business Angel Network) |
1 |
265 |
Knife Capital |
1 |
266 |
Acumen Resilient Agriculture Fund (ARAF) |
1 |
267 |
MiraclePlus |
1 |
268 |
Elea Foundation |
1 |
269 |
Matrix Partners India |
1 |
270 |
UI Investments |
1 |
271 |
Adaverse |
1 |
272 |
Salt Capital |
1 |
273 |
Turaco |
1 |
274 |
Blue Lion |
1 |
275 |
Baobab Network |
1 |
276 |
Global Ventures |
1 |
277 |
Salesforce Ventures |
1 |
278 |
INCO |
1 |
279 |
1984 Ventures |
1 |
280 |
Cameroon Angels Network |
1 |
281 |
Wingoo Investment and Technology |
1 |
282 |
Auto24 |
1 |
283 |
Challenge For Youth Employment (CFYE) |
1 |
284 |
AHL Venture Partners |
1 |
285 |
Collide Capital |
1 |
286 |
Alumni Angel Network |
1 |
287 |
Iyinoluwa Aboyeji |
1 |
288 |
Hala Ventures |
1 |
289 |
Breega |
1 |
290 |
MSA Capital |
1 |
291 |
others (non-disclosed) |
1 |
292 |
Acumen Fund |
1 |
293 |
Vision Ventures |
1 |
294 |
SUNU Capital |
1 |
295 |
GFH Holdings |
1 |
296 |
Algebra Ventures |
1 |
297 |
HoaQ |
1 |
298 |
Bold Angel Fund |
1 |
299 |
Shivdasani Family |
1 |
300 |
TPG Growth |
1 |
301 |
Matuca Sarl |
1 |
302 |
Women’s World Banking |
1 |
303 |
Moonstake |
1 |
304 |
HashKey Capital |
1 |
305 |
BPI France |
1 |
306 |
The MBA Fund |
1 |
307 |
W Fund |
1 |
308 |
Alitheia IDF |
1 |
309 |
CcHUB Syndicate |
1 |
310 |
TLCom Capital |
1 |
311 |
Asia Africa Investment and Consulting |
1 |
312 |
Fonsis |
1 |
313 |
ODBA & Co Ventures |
1 |
314 |
Enrich Africa |
1 |
315 |
Thrive Africa Syndicate |
1 |
316 |
Angellist Ventures |
1 |
317 |
Investisseurs & Partenaires (I&P) |
1 |
318 |
AXA CIMA |
1 |
319 |
Norrsken (accelerator) |
1 |
320 |
DOB Equity |
1 |
321 |
Merus Capital |
1 |
322 |
Uma Ventures |
1 |
323 |
ASISA ESD Fund |
1 |
324 |
Adrenaline gaming |
1 |
325 |
Venture Garden Group |
1 |
326 |
Dick Parsons |
1 |
327 |
Rethink Food |
1 |
328 |
DCVC |
1 |
329 |
GGV Capital |
1 |
330 |
MiLA Capital |
1 |
331 |
AVG Basecamp Fund |
1 |
332 |
Expert Dojo |
1 |
333 |
Apoletto Managers |
1 |
334 |
Hillhouse Capital Group |
1 |
335 |
Yuri Milner |
1 |
336 |
Timon Capital |
1 |
337 |
Stellenbosch University |
1 |
338 |
Interswitch |
1 |
339 |
British International Investment (ex CDC) |
1 |
340 |
Tofino Capital |
1 |
341 |
EFG Hermes |
1 |
342 |
SoftBank Vision Fund |
1 |
343 |
The Academy of Scientific Research and Technology |
1 |
344 |
AfricInvest |
1 |
345 |
Samos Investments |
1 |
346 |
Falak Startups |
1 |
347 |
JAM Fund |
1 |
348 |
The Conscious Fund |
1 |
349 |
Afropreneur Angels |
1 |
350 |
Global Ventures |
1 |
351 |
VC Alchimia |
1 |
352 |
Newtown Partners |
1 |
353 |
Verdant Frontiers |
1 |
354 |
Verdant Capital |
1 |
355 |
Trind Ventures |
1 |
356 |
Dragonfly Capital |
1 |
357 |
Sanabil Investments |
1 |
358 |
1 |
|
359 |
ASC VC |
1 |
360 |
GetEquity |
1 |
361 |
CDG |
1 |
362 |
Roselake Ventures |
1 |
363 |
RMB Ventures |
1 |
364 |
Norrsken22 |
1 |
365 |
Kua Ventures |
1 |
366 |
Others |
1 |
367 |
Aidi Ventures |
1 |
368 |
E Squared Investments |
1 |
369 |
Village Global |
1 |
370 |
Finnfund |
1 |
371 |
Acquired Wisdom Fund (AWF) |
1 |
372 |
Livelihood Impact Fund |
1 |
373 |
Autodesk Foundation |
1 |
374 |
1 |
|
375 |
INOKS Capital S.A |
1 |
376 |
Wa’ed Ventures |
1 |
377 |
CVC Capital Partners |
1 |
378 |
Proparco |
1 |
379 |
Female Founders Fund |
1 |
380 |
Al Mada |
1 |
381 |
Catalytic Africa |
1 |
382 |
Devenish Nutrition |
1 |
383 |
Smollan |
1 |
384 |
DAAL VC |
1 |
385 |
Womena |
1 |
386 |
Ajax Strategies |
1 |
387 |
Imaginable Futures |
1 |
388 |
Good+Well Ventures |
1 |
389 |
Full Circle Africa |
1 |
390 |
Accenture Ventures and angel investors |
1 |
391 |
Zephyr Acorn |
1 |
392 |
BaseCamp Ventures |
1 |
393 |
Flying Doctors Healthcare Investment Company |
1 |
394 |
Fedha Capital |
1 |
395 |
Practical VC |
1 |
396 |
RV Ventures |
1 |
397 |
Angels investors |
1 |
398 |
Marakez for Development |
1 |
399 |
FINCA Ventures |
1 |
400 |
Savannah Fund |
1 |
401 |
SoftBank Group |
1 |
402 |
Flexport |
1 |
403 |
Egypt Ventures |
1 |
404 |
Breyer Capital |
1 |
405 |
Malagasy Investment Club |
1 |
406 |
Haskè Ventures |
1 |
407 |
Pledges |
1 |
408 |
cfund |
1 |
409 |
Adaverse |
1 |
410 |
Michael & Susan Dell Foundation |
1 |
411 |
Specialist VC |
1 |
412 |
Y Combinator |
1 |
413 |
One Day Yes |
1 |
414 |
Harvest |
1 |
415 |
Foundamental |
1 |
416 |
Susa Ventures |
1 |
417 |
ACASIA Ventures |
1 |
418 |
Bpifrance |
1 |
419 |
RaliCap |
1 |
420 |
Fluent Ventures |
1 |
421 |
U.S. International Development Finance Corporation (DFC) |
1 |
422 |
Oppenheimer Generations Foundation |
1 |
423 |
DEG (Germany) |
1 |
424 |
Palm Drive Capital |
1 |
425 |
BYLD Ventures |
1 |
426 |
Vumela Fund |
1 |
427 |
Emerson Collective |
1 |
428 |
Ronald Lauder |
1 |
429 |
Ingressive Capital |
1 |
430 |
P1 Ventures |
1 |
431 |
and others |
1 |
432 |
Lightspeed Venture Partners |
1 |
433 |
Soma Capital |
1 |
434 |
Waarde Capital |
1 |
435 |
New General Market Partners |
1 |
436 |
Unicorn Growth Capital |
1 |
437 |
XFactor Ventures |
1 |
438 |
J Ventures |
1 |
439 |
Seedcamp |
1 |
440 |
Brooklyn Bridge Ventures |
1 |
441 |
Firstminute Capital |
1 |
442 |
Delta Ventures |
1 |
443 |
Input Output Global |
1 |
444 |
Futuregrowth Asset Management |
1 |
445 |
Rubylight |
1 |
446 |
FoundersX |
1 |
447 |
CoinShares Ventures |
1 |
448 |
Cauris Finance |
1 |
449 |
Base Capital |
1 |
450 |
CMC 21 & Alsa |
1 |
451 |
W3i |
1 |
452 |
Nairobi Business Angel Network |
1 |
453 |
Beenok |
1 |
454 |
INSEAD Global Angel & Investment Network |
1 |
455 |
Wrightwood Investments |
1 |
456 |
Pale Blue Dot |
1 |
457 |
Ryan Petersen |
1 |
458 |
Rethink Impact |
1 |
459 |
Zedcrest Capital |
1 |
460 |
Eric Zinterhofer |
1 |
461 |
Urban US |
1 |
462 |
Asia Pacific Land |
1 |
463 |
First Fund |
1 |
464 |
TO Ventures (CH) |
1 |
465 |
Concord Music Group |
1 |
466 |
Transcend Network |
1 |
467 |
Auxxo Female Catalyst |
1 |
468 |
Wuri Ventures |
1 |
469 |
Altree Capital |
1 |
470 |
Health54 |
1 |
471 |
M3 |
1 |
472 |
Black Coffee |
1 |
473 |
Salesforce Ventures |
1 |
474 |
Schusterman Family Investments |
1 |
475 |
Ground Squirrel Ventures |
1 |
476 |
Century Oak Capital |
1 |
477 |
2.12 Angels |
1 |
478 |
NetX Fund |
1 |
479 |
Do Good Invest |
1 |
480 |
Canaan Partners |
1 |
481 |
Bill Silva Ventures |
1 |
482 |
Greenhouse Capital |
1 |
483 |
Caruso Ventures |
1 |
484 |
Circle Ventures |
1 |
485 |
Seed9 |
1 |
486 |
Speedinvest |
1 |
487 |
BLOC Smart Africa fund |
1 |
488 |
Ajim Capital |
1 |
489 |
Level Up Ventures |
1 |
490 |
Flori Ventures |
1 |
491 |
IgniteXL |
1 |
492 |
Station F |
1 |
493 |
Equity Alliance |
1 |
494 |
Open CNP |
1 |
495 |
MEST |
1 |
496 |
Uncovered Fund |
1 |
497 |
Tekedia Capital |
1 |
498 |
Breyer Labs |
1 |
Top Investors in mixed gender teams