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

The Directory

$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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