Private capital investment is on the rise in Africa, with investors worldwide recognising the continent’s potential for growth and development. However, despite the many investment opportunities, there remains a significant underrepresentation of women in the industry, with just a handful of female investors and executives at the top of the pyramid.
Like many other areas of tech, the African venture capital industry has a significant gender imbalance. This disparity can be attributed to a multitude of factors, including a history of underrepresentation, ingrained biases, and other socioeconomic challenges. However, more women in venture capital could have a transformative effect on this industry.
Female VCs, in particular, are often twice as likely than their male counterparts to invest in companies founded by women, highlighting the need for increased gender diversity in this field.
Despite the potential for women-led tech startups to thrive, the African tech industry remains heavily male-dominated. Shockingly, in 2022, only 20 percent of the 600+ African tech startups that received funding had a female founder.
Although they have been a funding decline since the first quarter of 2023, of all the venture funding available to all African tech entrepreneurs from 2013 to 2021, less than 5 percent of the total $12.6 billion to Africa’s tech startups went to all-female founding teams compared with 82 percent to all-male teams, data shared by Briter Bridges showed.
Here are the women shaping the African VC space
Ola Brown
Ola Brown is a healthcare entrepreneur and investor with over 13 years of experience driving transformative change in Africa’s healthcare landscape. As the Founder and Chief Executive of the Flying Doctors Healthcare Investment Group, she has spearheaded initiatives across the healthcare and wellness value chain, including hospital construction, diagnostics, pharmaceutical retail, and air ambulance services.
Brown’s journey began with a degree in Medicine and Surgery from the Hull York Medical School. Her thirst for knowledge led her to the Japanese MEXT scholarship, where she pursued lab-based research in Tokyo, specialising in induced pluripotent stem cells and currently, she is undergoing her Ph.D. in finance at the University of London.
Biola Alabi
Biola Alabi is a prominent figure in Africa’s investment landscape, notably as a Venture Partner at Cairo Angels Syndicate Fund (CASF). With a diverse background spanning automotive, startups, and media, she brings extensive experience to her angel investing role, managing deal origination, portfolio, and investor relations.
Her commitment to impactful initiatives is reflected in the founding of Grooming for Greatness (G4G), a fellowship and mentorship program fostering leadership skills. As the CEO of Biola Alabi Media, she is known for producing film and television content. Biola’s strategic approach to investments includes tech startups like Trove Technologies and Chekkit, showcasing her influence as a trusted advisor and board member, shaping Africa’s technology and media ecosystem.
Ann Wyman
Ann Wyman is the Executive Partner at AfricInvest, Senior Advisor at Gatehouse Advisory Partners, and also a Member of the Board of directors of the Tunisian American Enterprise Fund. Her several years of experience have made her a reputable voice in the venture capitalist space.
Wyman’s journey began with a degree in International Relations/French at the University of Pennsylvania, before moving over to Columbia | SIPA in 1994 for her Masters in International Economics and Finance.
Polo Leteka
Polo Leteka is a highly accomplished and experienced entrepreneur and private equity investor. She is the Chairman and Founder of IDF Captial, a South African based entrepreneurial financier and advisory firm. Through IDF Capital, Polo has contributed towards channeling investments into women-owned SMEs across South Africa. In 2015, she co-founded AlitheiaIDF to continue investing in high-growth businesses across Sub-Saharan Africa that are women-owned and led.
Tosin Faniro Dada
Tosin Faniro Dada is an ecosystem builder and investor, is dedicated to supporting groundbreaking tech founders across Africa in scaling their ventures and fostering societal and behavioral change. She first assumed the role of Executive at Lagos Innovates, an incubator powered by LSETF with the goal of propelling over 200 tech startups in Lagos state. Under her leadership, crucial resources such as infrastructure, financing, talent, education, and networks became more accessible. Following this success, she took on the position of Managing Director & CEO at Endeavor Nigeria, contributing to the growth of the country’s most prominent tech scaleups.
Currently serving as a Partner at Breega, one of the fastest-growing early-stage VC funds in Europe and Africa, Tosin channels capital and scaling opportunities to assist tech founders in addressing significant economic and social challenges.
Lexi Novitske
Lexi Novitske is a General Partner at Norrsken22, an African tech growth fund, backed by an international network of tech founders, partnering with exceptional entrepreneurs in scaling disruptive businesses. She is a seasoned venture investor renowned for catalyzing growth within sub-Saharan Africa’s dynamic digital marketplace
Yemi Keri
Yemi Keri is the CEO of Heckerbella Limited, a Digital Transformation company,and a renowned figure in the Nigerian technology landscape, boasting over two decades of experience that span the realms of technology leadership and investment.
Beyond her technological prowess, Yemi is a co-founder of Rising Tide Africa, a platform for amplifying women’s participation in angel investing while fostering cross-border collaboration and mentorship.
Maya Horgan Famodu
Maya Horgan Famodu is a venture capital investor and entrepreneur renowned for her contributions to Africa’s tech ecosystem. She is the founder of Ingressive Capital, a $10 million venture fund dedicated to nurturing early-stage African tech ventures. Alongside this, she established Ingressive, a tech integration firm offering market entry services and tech research for global corporations and investors, shaping Africa’s tech strategy.
Eunice Ajim
As a tech entrepreneur turned investment partner, Eunice Ajim has always been passionate about the innovative and creative world of technology. She is now the Founding Partner at Ajim Capital, an early-stage fund that targets African startups. Her goal is to give back to African entrepreneurs and promote the growth of the tech industry on the continent. Ajim Capital has invested in a number of startups, including Spleet, Raenest, Daba Finance, and TruQ.
Tokunboh Ishmael
Tokunbo Ishmael is the founder and managing director of Alitheia Capital, a Nigerian-based investment management and advisory firm that leverages private equity investments to drive business transformation in West Africa. As one of the few female-founded VCs at the time of its inception in 2007, Alitheia Capital has intentionally supported female founders and colleagues within the industry. They have invested in numerous startups across the continent including Paga, Baobab, Max.ng, and Lidya.
Eloho Omame
Eloho Omame launched FirstCheck Africa in 2021, an early-stage investment fund specifically targeting women-founded tech startups throughout the continent. Beyond her role as an investor, Omame is a passionate advocate for gender diversity in the technology and entrepreneurship sectors in Africa. She previously served as managing director and CEO of the entrepreneurship community Endeavor Nigeria, and currently serves as a partner at TLCom Capital. FirstCheck’s portfolio includes startups such as Twiga Foods, Ilara Health, Pula, Okra, Ulesson and Autocheck.
Odunayo Eweniyi
Odunayo Eweniyi is the co-founder and COO of PiggyVest, a digital investment platform in Nigeria. With a background in Business Analysis and Operations spanning 7 years, Odunayo also co-founded pushcv.com, a major African job site boasting an extensive database of pre-screened candidates.
Laila Macharia
Laila Macharia is the vice chair of Centum Investment, a leading publicly listed invested company with over $1 billion of assets under management. She’s also deeply involved in the creative industry, having co-founded the African Digital Media Institute, a career accelerator where creative and techies get training and mentorship to meet the global demand for skilled tech talent.
Hannah Subayi
Hannah Subayi is an investor in Africa, with a particular focus and appetite for female African (Tech) ventures. In addition to being passionate about African entrepreneurship and female empowerment, she is also keen on educating the market about investment opportunities:
She has over 10 years of professional experience and sits on the advisory boards of several African private equity funds.
Fatoumata Ba
Fatoumata Bâ, the only female co-founder of Africa’s first unicorn, Jumia, has established herself as a leading figure in the world of tech entrepreneurship. However, in 2018, she founded Janngo Capital, a gender-equal tech venture capital fund that invests in pan-African startups with a proven business model and a focus on creating inclusive social impact. Janngo’s portfolio includes startups such as BetaStore and Fleeti.
Elizabeth Howard
In 2017, Elizabeth Howard founded Women in African Investments (WAI) – a vibrant network comprising over 160 women investment professionals dedicated to promoting equitable distribution of investment capital across the continent. With a background in quantitative economics and risk management, Elizabeth’s leadership as the head of the Industry Association for Crowdfunding in Africa (ACfA) showcases her deep understanding of innovative fund structures and regulatory dynamics.
Lisa G. Thomas
Lisa G. Thomas is the Founder and Managing Director of Samata Capital, a fund management company focused on private-sector investments in small and growing businesses across sub-Saharan Africa. Lisa’s dedication to advancing opportunities for women and promoting gender diversity is reflected in her investment approach, which includes aims to help women bridge the capital gap for high-growth businesses.
Adesuwa Okunbo Rhodes
Aruwa Capital Management was established in 2019 by Adesuwa Okunbo Rhodes, a seasoned investment banker with over 13 years of experience. The firm’s primary objective is to address the investment gap that disproportionately affects women-led businesses in Africa. Rhodes is passionate about empowering female entrepreneurs and has dedicated herself to achieving this goal through Aruwa Capital. Since its inception, Aruwa Capital has invested in several promising startups founded by women, including CrowdForce, Agroeknor International, Wemy Industries, and Koolbloks.
Amanda Cotterman
Amanda Cotterman is the Founder and Managing Partner of Equalofe Capital, Africa’s pioneering venture debt fund, and EquaLife Advisory Services, providing strategic and financial management support to startups and SMEs across the continent. Notable investments include Moringa School and Benefactors Ltd. She is also a member of the World Bank Group,
Ewa Harcourt-Wood
Ewa Harcourt-Wood is the co-founder at Intaba Capital, a distinguished women-led investment and advisory firm situated in Cape Town, South Africa. Eva’s expertise, coupled with her extensive industry experience, has significantly contributed to Intaba’s success since its establishment in 2019. With a strong background in investment and strategic optimization, Eva’s dedication to effecting positive change through investment is reflected in Intaba’s investments in high-growth SMEs, aimed at addressing socio-economic challenges within South Africa.
Cathy Goddard
Cathy Goddard is a visionary leader and impact investor, renowned for her instrumental role as the founder of FyreFem Fund Managers. With a robust career spanning various sectors of finance, Cathy’s expertise shines through her strategic direction for the South African-based women-owned private equity fund manager. Leveraging her background as Chief Investment Officer at a prestigious PE firm, she established FyreFem in 2017, focusing on empowering SMEs in South Africa. Her unique approach combines the best of private equity and business rescue, aptly addressing growth, impact, and gender-related issues.
Thelma Ekiyor
Thelma Ekiyor is a gender lens impact investor, philanthropy expert & adviser, social entrepreneur who has worked across Africa for over 20 years. Ekiyor’s impressive portfolio encompasses strategic roles in numerous organizations, where she focuses on fostering financial independence and educational access for women and youth
Nichole Yembra
Nichole Yembra is the Founder and Managing Director of The Chrysalis Co which houses The Chrysalis Capital, an emerging market early-stage tech fund, and The Chrysalis Advisors, a strategy and investment advisory firm. Nichole’s impact reverberates across the African continent as a beacon for women in leadership and technology. She spearheads GreenHouse Lab, Nigeria’s pioneering female-focused tech accelerator, driven by her zeal to bridge investment gaps for women-led startups.
Lise Birikundavyi
Lise Birikundavyi is an accomplished figure in the world of investment, renowned for her innovative approach to finance and commitment to societal impact. As the co-founder and managing partner of BKR Capital, the pioneering black-led VC fund in Canada, she has spearheaded efforts to bridge the gap in funding for black entrepreneurs.
Rebecca Enonchong
Rebecca Enonchong is the founder and Chief Executive Officer of AppsTech, a leading global provider of enterprise application solutions. She is also co-founder of I/O Spaces, an inclusive coworking space in the Washington DC metro area. She stands out as an advocate for African tech advancement through investment. Her dedication to elevating the industry’s visibility and safeguarding startups from regulatory challenges has earned her widespread recognition.
Kofoworola Agbaje
Kofoworola Agbaje is the Vice President at Quona Capital since her promotion in 2023, she specialises in Sub-Saharan Africa, MENA, and Cross-Border investments. Her expertise extends to guiding portfolio companies and facilitating successful exits, such as Tiaxa’s exit to Bemobi in 2021. With a solid foundation in technology and finance, gained from her time at the Royal Bank of Scotland and bolstered by an MBA from The Wharton School,
Nneka Eze
Nneka Eze is the General Partner and Managing Director at VestedWorld, she directs her expertise toward impact-driven investments in emerging markets, particularly in Ghana, Nigeria, and Kenya. She is a seasoned investor, and brings over 15 years of experience to the world of venture capital.
Omobola Johnson
Omobola Johnson is a distinguished figure in the technology and investment landscape of sub-Saharan Africa. As the Senior Partner of TLcom Capital, a venture capital firm, she brings her extensive championed the National Broadband Plan and fostering the local technology industry, to her leadership at Accenture, where she served as Country Managing Director and orchestrated the evolution of various industries.
Marge Ntambi
Marge Ntambi transitioned into venture capital in November 2020, while pursuing her Executive MBA at NYU Stern. During this journey, she engaged in numerous fellowships, including one with RareBreed Ventures, a versatile pre-seed to seed venture fund that champions exceptional founders beyond the major tech hubs. During her time with RareBreed, she has contributed to the development of the fund’s web3 and African investment strategy.
Hope Ditlhakanyane
Hope Ditlhakanyane is passionate about using entrepreneurship as a tool for solving tough socio-economic challenges. She’s lived out this passion through her work supporting entrepreneurs to scale, as well as founding an organisation that develops and invests in African women entrepreneurs (We Fund Women). She is currently an Investment Principal at Founders Factory Africa, one of the most active VCs using innovative models to disrupt the African Tech ecosystem. Previously, through MEST Africa, she supported startups across South Africa, Kenya, Nigeria and Ghana.
Barakat Adenike Sheriff
Barakat Adenike Sheriff is co-founder and chief of staff at Future Africa, a platform that provides capital, coaching, and community for mission-driven innovators and entrepreneurs building solutions in Africa. In her current role, she supports innovators to access the resources they need to scale, including providing access to global funding. In 2019 she co-founded Future Africa alongside Iyinoluwa Aboyeji and Olabinjo Adeniran and has since invested in companies like Moove and Talent City.
Andreata Muforo
Andreata Muforo is s the co-founder of TLcom’s annual Africa Tech Female Founder Summit – an event that ignites brilliance fosters ent, and weaves bonds among female entrepreneurs in the ecosystem. She’s also involved with the Endeavor network where she helps mentor entrepreneurs.
Ijeoma Agboti
Ijeoma D. Agboti-Obatoyinbo is a Non-Executive Director at FBNQuest Capital and FBNQuest Asset Management, while also serving as the Managing Director of FBNQuest Funds. With an extensive career spanning 22 years in the global investment industry, Ijeoma specializes in private equity, venture capital, and various alternative asset classes. Her expertise lies in constructing portfolios and offering guidance to institutional and private clients on private equity investment strategies, assessments, and acquisitions.
Sarah Dusek
Sarah Dusek is the Co-Founder and General Partner of Enygma Ventures, she has demonstrated unwavering dedication to empowering women-led startups. With a rich background in entrepreneurship, including co-founding and leading the successful venture Under Canvas, Dusek brings a wealth of experience to her investment endeavors. Her visionary leadership has propelled Enygma Ventures to become a pivotal force in bridging the gender gap in startup funding. Through her strategic guidance, the firm has invested in over 12 women-led startups, contributing to their growth and success.
