CHART: Funding for Female-Led Startups in Africa Dropped to a Five-Year Low in 2024
Africa has one of the highest rates of female entrepreneurship in the world. But when it comes to startup funding, the numbers tell a very different story.
In 2024, startups led by female CEOs raised just $48 million, marking a fourfold decline from 2023's $201 million and the lowest total since 2020. That accounted for only 2% of the total $2.2 billion invested in African startups last year, the smallest share recorded since tracking began in 2019, according to Africa: The Big Deal.
By contrast, startups with male-only founding teams secured $1.6 billion, while solo male founders raised $430 million. Even gender-diverse teams, which brought in $123 million, significantly outperformed female-only teams, which raised just $21 million—or 1% of total funding.
The gap is even more apparent when looking at leadership. Of the 100 most-funded African startups since 2019, only four had a female CEO—a number that dropped to three in November after Kobo360’s Cikü Mugambi stepped down.
Investor bias has long been cited as a major challenge, with venture capital remaining a male-dominated space. However, some industry insiders argue that many female founders build businesses that don’t fit the traditional "venture-scale" model, making them less attractive to institutional investors.
Despite this, the funding disparity isn't just about preference—it’s about access. Women-led startups continue to struggle with investor networks, capital constraints, and visibility.
While initiatives like Enygma Ventures, Alitheia Capital’s uMunthu Fund, and Rising Tide Africa aim to increase capital for women-led startups, the latest data suggests that these efforts have yet to make a meaningful dent.
With female-led startup funding at a historic low, the disconnect between Africa’s thriving female entrepreneurship landscape and its venture capital ecosystem is only growing. The question now is whether 2025 will see a correction—or if this gap is becoming the norm.