There are many gender lens investors present in Africa, but who is actually funding women-led startups on the continent?

[Want to get automatic updates on ethel cofie’s blog post of Africa, technology, ecosystems and doing business in Africa sign up here ]

 …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:

  1. 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.
  2. 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

 

 

[Want to get automatic updates on ethel cofie’s blog post of Africa, technology, ecosystems and doing business in Africa sign up here ]

 

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

Student.com

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

Trueventures.org

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

BTN.vc

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