However, the case for African startups headed by female founders are still not getting the necessary funding.
In 2021, 18% of the fund raised ($738) was from a gender-diverse founding team, 1% was raised ($37m) from female single founders ($27m, 0.7%) and a female-only founding team ($9m, 0.2%).
Whereas, 81% has been raised ($3.2b) by their male counterpart with $484m (12%) from male single founders and $2.9b (70%) from male-only founding teams.
While female single founders and female-only founding teams have raised less than 1% of Africa’s total funding for startups, the males have done more than 81%.
From this 81%, Egypt raked 98%, followed by South Africa (84%), Nigeria (76%) and Kenya (67%). As Fintech continues to close more of the investment funds, 96% of it has been secured by male single founders and male-only founding teams.
A quick look at gender-diverse founding teams indicates that close to half (46%) of those who secured funding in 2021 had a female CEO and they have only raised 34% by gender-diverse founding teams.
Female single founders and female-only founding teams have raised 5% and 1.4% of the deals respectively in 2021. These numbers, however, indicate that the females are not raising the big bucks.
Through 754 deals $100k in 2021 over $4bn was secured by African startups.
Nigeria ($1.4b, 215 deals)
South Africa ($838m, 118 deals)
Egypt ($588m, 119 deals)
Kenya ($375m, 119 deals)
Senegal ($222m, 18 deals)
Tanzania ($96m, 18 deals)
Ghana ($48m, 39 deals)
The single largest deals in 2021 go to Senegal (90%), Nigeria (28%), Kenya (23%), Egypt (20%), and South Africa (14%).