13 Venture Capital Funds Supporting African Women Startup Founders

1. Alitheia IDF

Overview: Alitheia IDF is one of the largest gender-lens investment funds in Africa, co-founded by Tokunboh Ishmael and Polo Leteka. The fund specifically targets women-led and women-serving businesses across Africa, with a mission to close the gender gap in funding by investing in high-growth small and medium-sized enterprises (SMEs). Alitheia IDF aims to generate strong financial returns while delivering positive social impacts by empowering women economically. They actively invest in businesses that promote gender equality, both in leadership and workforce, and products and services that cater to women.

• Focus Areas: Sub-Saharan Africa, Various Sectors including Agriculture, Financial Services, Healthcare, and Education

• Investment Size: $500,000 to $5 million

• Website: alitheiaidf.com
  

Notable Investments: ReelFruit, Jetstream Africa.

2. Rising Tide Africa

Overview: Rising Tide Africa is a women-focused angel investment network that is part of the global Rising Tide initiative. It was founded to address the funding and mentorship gaps for women entrepreneurs in Africa by increasing the number of women angel investors. The fund not only provides capital but also supports female founders through mentorship, strategic guidance, and networking opportunities. Rising Tide Africa emphasizes building a community of women investors who are committed to empowering female entrepreneurs in tech-enabled and high-impact sectors.

• Focus Areas: West and East Africa, Tech-enabled solutions, Consumer Goods, Health

• Investment Size: Typically $50,000 to $500,000

• Website: risingtideafrica.com
  

Notable Investments: Alerzo, HerVest.

3. FirstCheck Africa

Overview: FirstCheck Africa is a mission-driven fund that focuses on helping women raise capital at the earliest stages of their entrepreneurial journey. Founded by Eloho Omame and Odunayo Eweniyi, FirstCheck Africa aims to create a world where African women have equal access to technology, entrepreneurship, and venture funding. The fund addresses the significant funding gap faced by women founders by providing pre-seed capital, as well as support in business development and fundraising strategies. They are deeply committed to fostering an inclusive tech ecosystem where women can thrive.

• Focus Areas: Across Africa, Tech startups, Innovative solutions

• Investment Size: Up to $25,000 for initial investments

• Website: firstcheck.africa
  

Notable Investments: Healthtracka, Tushop.

4. Visa Everywhere Initiative (VEI)

Overview: The Visa Everywhere Initiative is a global innovation program that challenges startups to solve commerce and payment issues, with a dedicated track for women-led businesses. Though not a traditional venture capital fund, VEI provides substantial financial support and visibility to female entrepreneurs in Africa. It helps them scale by connecting them with Visa’s vast network of partners and providing mentorship opportunities from industry experts. The program also facilitates access to Visa’s technology to help businesses expand their market reach.

• Focus Areas: Africa-wide, Fintech, Payments, E-commerce

• Investment Size: Prize money varies, typically around $50,000

• Website: visa.com/visa-everywhere
  

Notable Investments: Various startups participating in Visa’s yearly challenge.

5. Afropreneur Angels

Overview: Afropreneur Angels is an angel network that seeks to address the funding challenges faced by African startups, particularly those led by women. The network comprises African entrepreneurs and business leaders who are passionate about investing in Africa’s future. Afropreneur Angels focuses on providing not just financial support but also mentorship, access to industry experts, and strategic guidance to help women entrepreneurs scale their businesses. Their investments span a variety of sectors, including tech, consumer goods, and health.

• Focus Areas: Africa-wide, Technology, Consumer Goods, Health, Education

• Investment Size: Typically $25,000 to $150,000

• Website: afropreneurangels.com
  

Notable Investments: Various women-led startups.

6. Aruwa Capital Management

Overview: Aruwa Capital Management was founded by Adesuwa Okunbo Rhodes to address the significant funding gap for women-led and women-focused businesses in West Africa. Aruwa Capital seeks to invest in businesses that empower women as entrepreneurs, employees, consumers, and suppliers. The firm believes that investing in women leads to better business outcomes and positive social impact. Aruwa Capital Management also provides hands-on support, mentorship, and strategic guidance to its portfolio companies, helping them achieve sustainable growth.

• Focus Areas: Nigeria and surrounding West African countries, Healthcare, Consumer Goods, Financial Services

• Investment Size: Typically $500,000 to $2.5 million

• Website: aruwacapital.com
  

Notable Investments: Wemy Industries, CrowdForce.

7. Janngo Capital

Overview: Janngo Capital is a pan-African investment platform that supports early-stage tech startups, with a strong commitment to gender diversity. Founded by Fatoumata Ba, Janngo Capital invests in businesses that leverage technology to solve pressing issues in Africa, including those that are women-led. Janngo Capital’s portfolio companies are designed to create both economic and social value, with a focus on impact-driven sectors such as health, fintech, and e-commerce. The fund is particularly noted for its efforts to increase female representation in the tech industry.

• Focus Areas: Africa-wide, Fintech, E-commerce, Digital Health

• Investment Size: Seed to Series A stages, with investments ranging from $50,000 to $5 million

• Website: janngo.com
  

Notable Investments: Sabi, Afrikrea.

8. Future Females Invest (FFI)

Overview: Future Females Invest (FFI) is dedicated to providing capital, mentorship, and strategic support to early-stage women entrepreneurs across Africa. FFI’s mission is to reduce the gender funding gap and empower women to lead impactful and profitable businesses. They provide a combination of grants and equity investments, focusing on tech-enabled and innovative businesses. FFI also runs capacity-building initiatives that help women entrepreneurs develop their leadership skills, scale their operations, and expand their networks.

• Focus Areas: Africa-wide, Tech-enabled businesses, Healthcare, Education

• Investment Size: Ranges from small grants to larger equity investments

• Website: futurefemalesinvest.com
  

Notable Investments: Various tech startups.

9. Africa Women Innovation and Entrepreneurship Forum (AWIEF) Fund

Overview: AWIEF Fund is an initiative of the Africa Women Innovation and Entrepreneurship Forum (AWIEF), which seeks to empower and support women entrepreneurs across Africa. The fund provides a platform for women-owned businesses to access finance, mentorship, and networking opportunities. AWIEF focuses on sustainable and scalable businesses in sectors such as technology, agriculture, and manufacturing. Through its various programs, AWIEF aims to enhance the capacity of women entrepreneurs and drive economic growth on the continent.

• Focus Areas: Africa-wide, Various Sectors including Tech, Manufacturing, and Agriculture

• Investment Size: Varies based on needs and business stage

• Website: awieforum.org
  

Notable Investments: Multiple early-stage women-led startups across Africa.

10. ShEquity

Overview: ShEquity is an investment vehicle providing smart investment capital and technical assistance to impactful, innovative, and scalable African female entrepreneurs. Founded by Pauline Koelbl, ShEquity focuses on closing the gender funding gap by investing in high-potential businesses that offer solutions to critical issues in Africa. The fund supports women founders by providing access to capital, strategic mentorship, and business support services, helping them scale their businesses sustainably.

• Focus Areas: Sub-Saharan Africa, Diverse Sectors

• Investment Size: Typically up to $1 million

• Website: shequity.com
  

Notable Investments: Unique Quality Product Enterprises, Peach Health.

11. Women’s Investment Club Senegal (WIC Senegal)

Overview: Women’s Investment Club Senegal (WIC Senegal) is a women-led investment fund that focuses on supporting women entrepreneurs in Senegal and the broader West African region. WIC Senegal aims to enhance women’s access to finance and promote inclusive economic growth by investing in women-led businesses. The fund supports sectors such as agriculture, retail, and services, providing both financial investments and technical assistance. WIC Senegal also plays a significant role in advocating for gender equality in the business landscape.

• Focus Areas: Senegal and West Africa, Agriculture, Retail, Services

• Investment Size: Typically up to $250,000

• Website: wicsenegal.com
  

Notable Investments: Boukkelen, Amaryllis.

12. TLcom Capital

Overview: TLcom Capital is a tech-focused venture capital firm that has been investing in African startups for over two decades. Through its TIDE Africa Fund, TLcom is committed to supporting the next generation of tech entrepreneurs, including women founders. TLcom Capital invests in high-growth sectors such as fintech, healthtech, and agritech, providing not only capital but also strategic guidance and mentorship. The fund is particularly focused on startups that leverage technology to address major challenges in Africa.

• Focus Areas: Africa-wide, Tech, Fintech, Healthtech

• Investment Size: $500,000 to $10 million

• Website: tlcomcapital.com
  

Notable Investments: Okra, Autochek.

13. 5ONE8 Capital

Overview: 5ONE8 Capital is an early-stage venture capital firm that invests in African entrepreneurs, with a commitment to supporting gender diversity. The fund provides financial backing to innovative startups, particularly those with women in leadership roles. 5ONE8 Capital focuses on sectors such as technology, consumer goods, and services, aiming to help startups scale and reach their full potential. The firm also offers strategic support and mentorship, helping women entrepreneurs navigate the challenges of building successful businesses.

• Focus Areas: Africa-wide, Diverse Sectors

• Investment Size: Early-stage investments, typically $50,000 to $500,000

• Website: 5one8capital.com
  

Notable Investments: Tech-based and innovative startups led by women.