Post on 11-May-2023
Image taken on Safari at the Akagera National Park, Rwanda Copyright © 2018 Ivana Osagie
A Directory of InvestorsSpecifically Interested inFemale Led/OwnedBusinesses in Africa
Produced By PWR AdvisoryJune 2022
Of the $5.2B raised by African startups last year, only 16% went to businesses founded or cofounded by women according to data released by Partech. Women run nearly 50%of the small businesses on the continent, yet they continue to struggle to raise funding for their businesses. Gender biases and structural barriers are major challenges.
In the US, in a study of 300 of their portfolio companies, All Round Capital found that companies with at least one female founder outperformed companies with all-malefounders. Similarly, in separate research by Boston Consulting Group and Mass Challenge, startups founded/cofounded by women, generated 78 cents per dollar ofinvestment received, while male-founded startups generated less than half of that. While there is a dearth of comparable data for African start ups, it is most likely the sametrend exists here.
Are investors therefore in danger of short changing themselves by not investing in more women led/owned businesses?
What can be done to level the playing field for African female entrepreneurs so, they can access much needed capital to grow and scale their businesses and contribute tochanging the landscape of the continent? How can we bridge the $42B gender funding gap identified by the AfDB? How can we unlock the massive untapped economicpotential of half of Africa's population?
It is with these sorts of questions in mind that this directory of investors specifically interested in funding female led/owned businesses in Africa, has been developed. Thedirectory covers different categories of investors – from private equity funds to angel investors. It is the result of desk research and input from various players in theinvestment space in our network. Thank you to everyone who very kindly responded to our requests for information and to the PWR team for their research and collation.
I am sure the directory is incomplete as it is, and so I invite you to write in to help us fill the gaps. Do send any amendments you have to us at info@pwradvisory.com. Ourintention is for this to become a useful resource for all, particularly for the many brave women out there who are building businesses, breaking stereotypes and changing thenarrative. It will also be useful for the investment community as a whole.
Isn't it amazing what we can achieve when we work together?
My best regards
Introduction
Ivana OsagieFounder/CEO, PWR Advisory
$2,00,000-$10,000,000
InvestorName
InvestorType
Geography ofInterest
Sectors ofInterest
Summary of Other Aspectsof the Investment Thesis
Details of Female Led StartUps Already Funded
Alithea IDFwww.alitheiaidf.com
TypicalCheque Size
Private Equity Nigeria, South Africa,Ghana, Zambia,Zimbabwe, andLesotho
Agribusiness, ConsumerGoods, Health, Education,Creative Industries, andFinancial and Businessservices.
A $100M women-led and womenfocused private equity fund.
Central to the investment strategyis the development of well-run,well-positioned, attractivebusinesses where value is realisedthrough gender diversity, goodgovernance, and operationalimprovements
Reelfruit - $3m Series A, 2021,Jetstream - $3M seed
Altree Capitalwww.altreecapital.com
Private Equity SSA Excl South Africa $500,000-$2,000,000
Blended finance vehiclewhich will invest acrossthe capital structure,depending on the natureof the business and therequirements of theentrepreneurs
Sector agnostic and gender focused(using the 2X criteria). with a climatesmart approach, where technologycan be used to scale. No heavyindustries.
Anza Capitalwww.anza.holdings
VC (Female Led) South Africa $15,000 -$250,000
Food-Tech, Green &Renewable Energy,Education, Digital Tech
Start ups based in Africa, with afocus on South Africa and SADCAre post-commercial Seed toSeries-AHave a tech based, scalablesolutionHave a minimum of 2 foundersand impressive management teamsHave a well-defined product andrecurring revenuesAddress a sizeable marketAchieve high gross margins
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Venture Capital Funds
InvestorName
InvestorType
Geography ofInterest
Sectors ofInterest
Summary of Other Aspectsof the Investment Thesis
Details of Female Led StartUps Already Funded
Aruwa Capitalwww.aruwacapital.com
TypicalCheque Size
Private Equity Nigeria and Ghana Sector agnostic butpreferences for Techenabled business infinancial services,healthcare, renewableenergy/clean tech,essential goods andservice
Growth stage companies that havebeen operating for at least 2 years,with a proven business model andgenerating at least $300k inannual recurring revenue.
Our gender impact is 3 fold: in thefounding team, in the supplychain, and if the goods/servicesbeing offered are for females.
Koolboks - $1m, growth round, 2021.Pngme - $1m, Series A, 2021
Athena Capitalwww.athenacapital.co.za
VC (Debt) Flexible $50,000-$500,000
Sector agnosticimpact investor
Venture debt, unsecured workingcapital loans up to 12 months forUS$10-150K
Atlantica Venturesatlanticaventures.com
VC Pan-African Fintech, logistics,marketplaces, digitalsecurity, IoT, agtech
Atlantica Ventures invests inpreseed, seed, series A and series B(follow on only) rounds. Checksized range from $150k to $5m.Primary focus is B2B and B2B2C
$500,000-$2,000,000
Do not wish to disclose yet, deals inprogress, and not yet closed, butNigeria and Uganda
$500,000-$2,000,000
Sabi, Sendy
Catalyst Fundbfaglobal.com/catalystfund
VC Kenya, Nigeria, SouthAfrica, Mexico, andIndia
Tech enabled businesses Truly inclusive tech productsdesigned in a way that reducescosts, improves user experience,and better reaches low-incomeand underserved users.
Also collaborate with partnersglobally who manage inclusivetech acceleration programs andinvestment funds, to provideventure building support for theirportfolio of early and growth stagestart-ups.
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InvestorName
InvestorType
Geography ofInterest
Sectors ofInterest
Summary of Other Aspectsof the Investment Thesis
Details of Female Led StartUps Already Funded
Enygma enygmaventures.com
TypicalCheque Size
South Africa Consumer, TechPlatform, Hospitality,Transport/Logistics,Agriculture, Construction,Financial Services,Education
Scalable woman founded/led orwomen empoweringA unique defensible businesspropositionDynamic entrepreneur(s) withdemonstrated ability to executeA proven revenue model &business concept with clarity ofpurposeDemonstrated growthLooking for early stage or growthcapitalBusinesses based in SADC region
Koa Academy (Seed round, US$250kinvestment size, July 2021, EducationSector, South Africa)
Playsense (Venture round, US500kinvestment size, April 2020, Edutech,South Africa)
Five 35 Ventureswww.five35.ventures
VC Africa (Nigeria, SouthAfrica, Kenya, Egypt,Senegal, Ghana, DRC,Uganda, Tanzania,Morocco, Tunisia,Cote D’Ivoire, Mali,Botswana, Zambia,Zimbabwe, etc.)
$50,000-$500,000
Tech Enabled Pan-African-, Female-focussed,Seed Stage, Tech Enabled.Preferential friendly allowancesfor women investors (LPs)
Janngo Capitalwww.janngo.com
VC Africa SDG Focused Businesses The fund is dedicated to financingtech-enabled start-up acceleratingprogress towards the SustainableDevelopment Goals (SDGs) inAfrica.The fund is a €60m VentureCapital fund
$100,000-$1,000,000
Seed stage; 2021: RxAll, PricePally,Zindi, Shuttlers (approx 50k each);2022: Bitmama, Zuri Health, InByEx,Africa Foresights Group, Kasha,Maxicash ($50-75k)
$500,000-$2,000,000
Sabi Am (Seed round, $2M**, August2021, Nigeria, Logistic Tech)
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VC
11 LineaCapitallineacap.com
VC Southern Africa,Kenya
$50,000-$500,000
Sector agnostic, prefertech enabled
Revenue-based finance forcompanies with a gender focus
SweepSouth RBF bridge
InvestorName
InvestorType
Geography ofInterest
Sectors ofInterest
Summary of Other Aspectsof the Investment Thesis
Details of Female Led StartUps Already Funded
Octerra Capitalwww.octerracapital.com
TypicalCheque Size
Nigeria $100k to $1m Pan African, tech focused, sectoragnostic, impact lens
Knabu, Emtech, Jetstream,Herconomy, LifeBank
Samata Capital Fundwww.samatacapital.com
VC East and West Africa Early stage, scalable businesses inemerging markets that advanceopportunities for women andpromote diversity, equity andinclusion. Focus specifically onfemale-led and genderdiverseteams and work with them tobuild inclusive business cultureswhich we believe leads to higheroverall performance
JSatganawww.satgana.com
VC Remote (of which SouthAfrica, Luxembourg,Singapore)
350 k€ Early-stage female led start ups inclimate (carbon, waste, biodiversity,food, regenerative agriculture) inSouth Africa + Eastern Africa,Kenya...
Unknown
Reelfruits
$50,000-$500,000
Mazi Mobility Kenya
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VC
15 SHEquityshequity.com
VC Africa Renewable energy, water,fintech, digitalization,hospitality, agriculture,and healthcare
ShEquity is focused on providingseed capital, operational supportto start ups and providing investorswith access to a pool of de-riskeddeals
Shuttlers (Seed round, $1.6m**, Nov2021, Nigeria, Transportation)
InvestorName
InvestorType
Geography ofInterest
Sectors ofInterest
Summary of Other Aspectsof the Investment Thesis
Details of Female Led StartUps Already Funded
Start-up Wise Guysstartupwiseguys.com
TypicalCheque Size
Kenya, Uganda, Rwanda,Nigeria, Ghana
EduTech, HealthTech,FinTech, RetailTech,AgriTech, CleanTech
Wise Guys Africa Fund is anacceleration fund designed toinvest in early-stage B2B start-upsin West and East Africa andprovide intensive 5-monthsaccelerator programs withworldclass mentors.
Wise Guys portfolio: 290 start-ups,50+ nationalities, >80% survivalrate, 50% average follow-oninvestment rate
Dukapepe, 68,000 USD, pre-seed,2022
Unicorn GrowthCapitalwww.unicorngrowthcap.com
VC Sub-Saharan Africa FinTech & DeFi
across all industriesWe invest in category leadingcompanies providing FinTech &DeFi infrastructure and embeddedfinance across industries. Weinvest in companies that haveachieved product / market fit,typically at the seed stage
$50,000 -$500,000
$50,000-$500,000
Credrails, ThankUCash
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VC
19 WIC Capitalwic-capital.net
VC Senegal, Cote D'ivoire N/AWIC Capital provides investment(equity and quasi equity), customsupports and networks forentrepreneurs
Kwely (Seed round, $700k**, April2022, Senegal, Retail Tech)
Side Africa Fundstartupwiseguys.com
VC Africa $50,000 -$500,000
EduTech, HealthTech,FinTech, RetailTech,AgriTech, CleanTech
The Fund delivers capital as part ofa larger support to theentrepreneur including strategic,operational, and financialmentoring for value generation
Okra (Pre-Seed Round, $1M**, April2020, Nigeria, Fin-Tech)
$50,000 -$500,000
$50,000-$2,000,000
InvestorName
InvestorType
Geography ofInterest
Sectors ofInterest
Summary of Other Aspectsof the Investment Thesis
Details of Female Led StartUps Already Funded
AlphaMundiwww.alphamundi.ch
TypicalCheque Size
Debt/equity impactfund
SSA Food, Agri,renewable energy
AMped
eha Impact Ventureshttps://eha.ventures/
Impact Investor Nigeria is priority, butflexible around Africa
Up To $50,000 Sector Agnostic #1 impact = job creation.
Grofinwww.grofin.com
Impact Investor Nigeria $50,000 -$500,000
Manufacturing,Renewable Energy,Agric, Tech
Invest in female owned businessesthat serve BOP communities inNigeria. Deal flow is from a curatedall women's acceleratorcalled "SHE WORKS HERE"
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Impact Investors/Development Finance
Lifebank (through CcHub), $10,000,2022.
Lifebank (through CcHub), $10,000,2022.
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SME.NGwww.sme.ng
DevelopmentFinancier
All of Africa $500,000-$2,000,000
Sector Agnostic Business support and finance Lifebank (through CcHub), $10,000,2022.
$50,000-$500,000
InvestorName
InvestorType
Geography ofInterest
Sectors ofInterest
Summary of Other Aspectsof the Investment Thesis
Details of Female Led StartUps Already Funded
Ajim Capitalwww.ajimcapital.com
TypicalCheque Size
Angel Network Africa Bamboo
Dazzle Angelswww.dazzleangels.com
South Africa Up To $50,000 Tech enabled businesses Considers companies that are:
South African registered With atleast one female founder
Seeking early-stage funding i.e., notmore than R 300 000
Strong reference for techenabledbusinesses and/ordefensible IP
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Angels and Angel Network
Lifebank (through CcHub), $10,000,2022.
Focused on giving female founderscomfortable runway to validatetheir ideas and build a minimumviable product.
Also provide hands-on support tohelp female founders build peerand investor networks in, andoutside, Africa; this includes helpingthem access global acceleratorprograms Share practical andtactical feedback and advice as theynavigate the journey to raising theirfirst institutional rounds."
Angel Network
FirstCheck Africawww.firstcheck.africa
Angel Network Nigeria $50,000-$500,000
TuShop (Pre-Seed Round,$3m**, March 2022, ECommerce, Kenya)
MoneyHash (Pre-Seed Round,$3M**, Fintech, Nigeria)
InvestorName
InvestorType
Geography ofInterest
Sectors ofInterest
Summary of Other Aspectsof the Investment Thesis
Details of Female Led StartUps Already Funded
Ishe Africawww.ishe.africa
TypicalCheque Size
Angel Fund (VCstructure but rollingin nature)
Flexible, focus onSouthern Africa
Sector Agnostic -tech focussed
Operator focussed, post-MVPand post-revenue
Rising Tide Africa (RTA)risingtideafrica.com
Angel Network Africa with Nigeria asa priority
$50,000-$500,000
Fin-Tech, Edu-Tech, E-commerce, Health-Tech,Entertainment, Logistics,Food, Mobility, PropTech
RTA typically invests in businessesthat are female impacted, femaleled, or female owned so, as tobridge the funding gap betweenfemale and male owned/ledbusinesses. Also provide hands-onsupport
Achieng Butler Angel Investor Flexible Technology
$50,000-$500,000
Bankly ($288,813 Seed 2021) EmergenceResponse Africa ($50,000 seed and Pre-series A, 2022)Amayi foods limited ($100,000 pre-SeriesA, 2020)
Up to $50,000 WomenWork Network - $5000 - 2019
Andrew Alli Individual AngelInvestor
Flexible Agnostic Knabu, Buycoins, PayHippo, BetterNation, Bossy Beauty,
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7 Up to $50,000
Biola Alabi Individual AngelInvestor and VC
SSA Consumer Technologyand Creative Economy
Natures Bounty, My Stash,Taeillo, ADA
8 $50,000-$500,000
Female Founders
Jane Onoka Individual AngelInvestor
East and SouthernAfrica, Cote D'Ivoire
Agriculture, Education,Ecommerce, General SME
I am looking for scalable businessmodels that have the potential tocreate jobs. I also look for founderswhere I can add value beyond thefinancing
9 Up to $50,000 Plug App, $25000, Seed, 2022
Scott Needham Individual AngelInvestor and VC
Southern Africa Impact fintech Locum Base10 Up to $50,000
Sanjay Soni Individual AngelInvestor
Flexible with focus onSouth Africa, Kenya,and Nigeria
Agnostic Locum Base through Jozi Angelsin 2020
11 Up to $50,000 Post revenue investments
Diversity & Inclusion | Leadership | Research
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