Breaking into venture capital is tough, especially for African startups. But a wave of change is here—female led venture capital firms. These visionary women are transforming the investment landscape.
Despite making up only 20% of the global venture capital workforce, they are addressing the gender gap and championing more women in decision-making roles.
Female led VCs are more likely to invest in startups with female founders or cofounders, promoting diversity and inclusion. Hence, this article seeks to highlight 20 female led VC startups in Africa.
These firms provide funding, mentorship, and strategic support to propel your startup to success. With only 2.3% of global venture funding going to female led startups in 2020, their impact is quite transformative.
With their backing, your business could become the next big success in Africa’s entrepreneurial ecosystem. Get ready to be inspired by their stories, strategies, and opportunities, and learn how you can qualify for their funding.
FirstCheck Africa is a venture capital firm co-founded in 2021 by Eloho Omame and Odunayo Eweniyi. Both founders are prominent figures in the African tech and investment ecosystem.
Eloho Omame has extensive experience in venture capital and private equity, while Odunayo Eweniyi is a successful tech entrepreneur and co-founder of PiggyVest, one of Nigeria’s leading fintech companies.
FirstCheck Africa was established with the mission to bridge the gender funding gap by investing in female-led startups. The firm is committed to promoting gender diversity and economic empowerment for women across the African continent.
Industries They Invest In: Sector Agnostic
Stages They Invest In: Pre-seed and seed stage
Number of Investments: 11
Number of Exits: 0
Funds Raised: FirstCheck Africa has successfully raised significant funds to support its mission. The firm closed its first fund at $10 million, specifically earmarked for investments in female-led startups across Africa.
This fund was increased to $12 million when it TLcom made a $2 million commitment.
Remarkable Portfolio Company: One notable portfolio company is Healthtracka, a Nigerian health-tech startup founded by Ifeoluwa Dare-Johnson. Healthtracka focuses on improving healthcare accessibility and convenience by offering at-home lab testing and health services.
The platform allows users to book a wide range of lab tests and health screenings online, with certified professionals visiting their homes to collect samples. This service eliminates the need for hospital visits, making healthcare more accessible, especially for those with busy schedules or mobility issues.
Investment Criteria: FirstCheck Africa has specific investment criteria, focusing on:
- Female Leadership: A primary criterion is that the startups must have female founders or co-founders.
- Innovation: Companies should offer innovative solutions that address significant market gaps or societal challenges.
- Market Potential: Startups should operate in high-growth sectors with substantial market opportunities.
- Scalability: The business model should be scalable, with potential for regional or national expansion.
- Impact: Businesses must demonstrate the potential to create positive social and economic impacts, particularly for women and underserved communities.
- Financial Viability:Companies should have a clear path to profitability and sustainable financial practices.
- Early stage Startups: The startup should be in a pre-seed or seed stage.
FirstCheck Africa’s approach to investment is comprehensive, aiming to foster growth, innovation, and sustainability while achieving measurable social impact.
Under the visionary leadership of Eloho Omame and Odunayo Eweniyi, the firm’s focus on gender diversity and empowerment is setting a new standard in the African venture capital landscape.
Aruwa Capital is a private equity and impact investment firm founded in 2019 by Adesuwa Okunbo Rhodes.
Adesuwa is a seasoned investment professional with over a decade of experience in private equity, venture capital, and investment banking across global markets, including the UK, Nigeria, and broader West Africa. She has a strong track record of driving growth and creating value in portfolio companies.
Her vision for Aruwa Capital is rooted in her commitment to bridging the gender investing gap and fostering sustainable development in West Africa. Through Aruwa Capital, she aims to empower female entrepreneurs and industries that significantly benefit women, promoting economic inclusion and sustainable growth.
Industries:
Aruwa Capital focuses on high growth sectors and industries that are known to have a significant impact on women and communities in West Africa. These industries include healthcare, consumer goods, agriculture, financial services, education, renewable energy.
Stages:
Aruwa Capital primarily targets growth stage investments. They look for companies that have a proven business model and are at the stage where they are ready to scale operations. This includes early growth stage and expansion stage.
Number of Investments: 10
Number of Exits: 0
Funds Raised:
Aruwa Capital has successfully raised substantial funds since its inception. In December 2022, the firm closed its first institutional fund at over $20 million.
This fund aims to support SMEs in West Africa that are either female led or provide goods and services to underserved markets.
Remarkable Portfolio Company:
One notable portfolio company is Wemy Industries, a leading Nigerian manufacturer of personal hygiene products. This company aligns with Aruwa Capital’s mission by providing essential consumer goods that directly benefit women and families.
Wemy Industries is notable for its role in local manufacturing and economic empowerment within Nigeria.
Investment Criteria:
Aruwa Capital is looking for companies that meet the following criteria:
- Offers essential products and services specifically designed for women.
- Established or co-established by a woman, with women represented in its workforce, leadership team, or value chain.
- Demonstrates a positive approach and active support for a diverse team.
- Achieves an annual revenue between $300,000 and $500,000.
- Has a capable management team with a track record of successfully executing the business plan.
Ingressive Capital is a venture capital firm founded in 2017 by Maya Horgan Famodu. Headquartered in Lagos, Nigeria, the firm is dedicated to investing in early-stage technology companies across Africa.
Maya Horgan Famodu, an accomplished investor and entrepreneur, established Ingressive Capital with the vision of supporting innovative startups that have the potential to transform the African continent.
The firm leverages its extensive network and deep understanding of the local market to identify and nurture high-potential startups, providing them with the capital and resources needed to scale.
Industries They Invest In: Ingressive Capital focuses on sectors where technology can drive significant innovation and growth. They have key focus area which are:
- Fintech
- Autotech
- Agritech
- Health tech
- Entertainment
- Internet/ISP
- Saas Cloud
- Logistics and Transportation
- Women’s/ Reproductive Services
- GDP- Transforming Tech
Stages They Invest In: Pre Seed and Seed Stages
Number of Investments: 40
Number of Exits: Ingressive Capital has seen a number of successful exits since its inception. The firm aims for strategic exits that align with their goal of supporting the growth and scalability of their portfolio companies while achieving strong financial returns.
Funds Raised: $60 million
Remarkable Portfolio Company: One notable portfolio company is Paystack, a Nigerian fintech startup that offers a seamless payment solution for businesses in Africa.
Paystack was acquired by Stripe in 2020 for over $200 million, marking one of the largest exits in the African tech ecosystem. This highlights Ingressive Capital’s ability to identify and nurture high-potential startups.
Investment Criteria: Ingressive Capital has specific investment criteria, focusing on:
- Technology-Driven Solutions: Startups should leverage technology to solve significant problems or create new market opportunities.
- Market Potential: Companies should operate in high-growth sectors with substantial market opportunities.
- Scalability: The business model should be scalable, with potential for regional or national expansion.
- Strong Team: The startup should have a capable and committed founding team with a clear vision and execution plan.
- Financial Viability: Companies should demonstrate a clear path to profitability and sustainable financial practices.
- Impact: Businesses must have the potential to create positive social and economic impacts, particularly in the African context.
Ingressive Capital’s approach to investment is comprehensive, aiming to drive growth, innovation, and sustainability while achieving strong financial returns.
Under the visionary leadership of Maya Horgan Famodu, the firm’s focus on empowering tech startups is transforming the venture capital landscape in Africa.
- IDF Capital is a South African-based private equity and venture capital firm founded in 2008 by Polo Leteka. The firm is dedicated to empowering small and medium-sized enterprises (SMEs) and entrepreneurs across Africa, with a particular focus on those that are black-owned and women-led.
Polo Leteka, an accomplished entrepreneur and investor, established IDF Capital to bridge the funding gap for underserved businesses and promote inclusive economic growth. The firm leverages its extensive experience and network to provide not only capital but also strategic support and mentorship to its portfolio companies.
Industries They Invest In: Sector Agnostic
Stages They Invest In: IDF Capital primarily targets SMEs at various stages of growth, from early-stage to expansion-stage businesses. This includes:
- Early Growth Stage: Companies that have a proven business model and are seeking capital to expand their operations.
- Expansion Stage: More mature companies that are looking to scale significantly and need substantial investment to fuel growth.
Number of Investments: The organization has made investments in 296 businesses
Funds Raised: IDF Capital has successfully raised significant funds to support its mission. The firm has managed several funds, including the Women Entrepreneurs Fund (WEF) and the SME Fund, which are specifically designed to support black-owned and women-led businesses.
These funds underscore their commitment to fostering inclusive economic growth and empowering underserved entrepreneurs.
Investment Criteria:
Consider applying to IDF Capital if you meet these requirements:
- Your business is at least 51% Black owned and operated.
- You are in a sector or business focused on growth.
- You have been operational with revenue for at least six months, unless you are in the technology sector.
- Your business shows potential for profitability and long-term commercial viability.
- You have a scalable business model.
- You have strong management and governance practices.
- You are open to receiving business support.
- You have a clear plan for an exit strategy.
IDF Capital’s approach to investment is comprehensive, aiming to drive inclusive growth, innovation, and sustainability while achieving strong financial returns.
Under the visionary leadership of Polo Leteka, the firm’s focus on empowering black-owned and women-led SMEs is transforming the venture capital landscape in Africa, promoting economic inclusion and development.
Alitheia Capital is a pioneering impact investment firm based in Lagos, Nigeria. It was co-founded in 2007 by Tokunboh Ishmael, a leading investment professional with extensive experience in private equity, venture capital, and sustainable finance.
Under her leadership, Alitheia Capital aims to drive social and economic development across Africa by investing in businesses that create positive, measurable impacts.
The firm focuses on addressing critical challenges such as gender inequality, economic inclusion, and sustainable development through strategic investments in high-growth sectors.
Industries They Invest In: They have sector agnostic approach with a focus on the following sectors
- Fintech
- Consumer Goods & Services
- Technology
- Manufacturing
- Logistics & Mobility
- Healthcare
- Agribusiness
- Waste Management & Recycling
- Clean Energy
Stages They Invest In: Seed to Series B
Number of Investments: 23
Number of Exits: 0
Funds Raised: Alitheia Capital has successfully raised significant funds to support its mission.
The firm co-manages the Alitheia IDF Fund, a $100 million gender-lens fund, which is one of the largest private equity funds focused on women-led businesses in Africa.
This fund underscores their commitment to promoting gender equality and empowering women entrepreneurs.
Remarkable Portfolio Company: One notable portfolio company is SweepSouth, a South African online platform for booking, managing, and paying for home cleaning services.
Founded by Aisha Pandor and Alen Ribic, SweepSouth has revolutionized the home services market in South Africa, creating thousands of jobs and providing convenient solutions for consumers.
The company aligns with IDF Capital’s mission to support innovative, black-owned, and women-led businesses that drive economic growth and social impact.
Investment Criteria:
- A minimum of two years of operating history, demonstrating a proven product and established market presence.
- A robust corporate governance framework with a capable board of directors.
- Predictable cash flows from a well-established customer base.
- A dedicated owner-manager with a proven track record of meeting performance targets.
- The potential to deliver a 3.0x multiple on money (MoM) and generate significant social impact.
- A dependable value chain system.
- Distinct differentiating factors and sustainable competitive advantages.
- Opportunities for substantial social and/or environmental impact alongside economic benefits.
- A feasible growth strategy based on the company’s demonstrated capabilities.
- Multiple viable exit strategies for Alitheia Capital.
Alitheia Capital’s approach to investment is holistic, aiming to foster growth, innovation, and sustainability while achieving measurable social impact.
Under the visionary leadership of Tokunboh Ishmael, the firm’s focus on gender inclusivity, economic empowerment, and sustainable development sets it apart in the African investment landscape.
TLcom Capital LLP, established in 1999, is a venture capital firm with a strong presence in Nairobi, Lagos, and London, founded by Maurizio Caio.
The firm is dedicated to driving innovation and economic growth across Africa by investing in high-potential technology startups. A key figure in TLcom Capital’s leadership is Andreata Muforo, a partner who plays a crucial role in the firm’s investment strategy and operations.
With extensive experience in venture capital and a deep commitment to fostering entrepreneurship on the continent, Andreata focuses on identifying and nurturing startups that can scale and create significant impact.
Under the combined leadership of Caio and Muforo, TLcom Capital leverages its global networks and local expertise to support the growth of Africa’s tech ecosystem.
Industries They Invest In: Multi-Sector
Stages They Invest In: Early Stage
Number of Investments: 32
Number of Exits: 15
Funds Raised: $225 million+
Remarkable Portfolio Company: One notable portfolio company is Andela, a Nigerian startup that identifies and develops software developers across Africa and matches them with global companies.
Andela has significantly impacted the tech talent landscape in Africa, providing high-quality job opportunities and addressing the global tech talent shortage. The company has raised substantial funding from various investors and continues to scale its operations across the continent.
Investment Criteria: TLcom Capital has specific investment criteria, focusing on:
- Innovation: Companies should leverage technology to solve significant problems or create new market opportunities.
- Market Potential: Startups should operate in high-growth sectors with substantial market opportunities.
- Scalability: The business model should be scalable, with potential for regional or international expansion.
- Strong Management Team: The startup should have a capable and committed founding team with a clear vision and execution plan.
- Financial Viability: Companies should demonstrate a clear path to profitability and sustainable financial practices.
- Impact: Businesses must have the potential to create positive social and economic impacts, particularly in the African context.
TLcom Capital’s approach to investment is comprehensive, aiming to drive growth, innovation, and sustainability while achieving strong financial returns.
Under the visionary leadership of Maurizio Caio and Andreata Murofo, the firm’s focus on empowering tech startups is transforming the venture capital landscape in Africa, promoting economic inclusion and development.
Future Africa, founded in 2019 by Iyinoluwa Aboyeji, is a venture capital firm dedicated to investing in mission-driven innovators tackling Africa’s most pressing challenges.
The firm, based in Lagos, Nigeria, seeks to empower startups that leverage technology to drive significant social and economic change across the continent.
A pivotal figure in Future Africa’s leadership is Mia Kimani, the Managing Partner, who plays a crucial role in shaping the firm’s strategic direction and overseeing its operations.
With a strong background in venture capital and a passion for supporting impactful entrepreneurship, Mia works alongside Aboyeji to identify and nurture high-potential startups.
Together, they leverage their extensive networks and deep market insights to support entrepreneurs who are poised to transform Africa’s economic landscape.
Industries They Invest In: Future Africa focuses on sectors where technology and innovation can drive significant transformation and solve critical issues. These industries include:
- Fintech: Supporting startups that enhance financial inclusion through innovative financial solutions.
- HealthTech: Investing in technology-driven solutions to improve healthcare access and delivery.
- EdTech: Backing educational technology platforms that expand access to quality education and skill development.
- Agritech: Supporting tech-enabled solutions for agricultural development and food security.
- E-commerce: Investing in online retail businesses that cater to diverse consumer needs.
- EnergyTech: Promoting sustainable energy solutions through innovative technologies.
Stages They Invest In: Future Africa primarily targets early-stage investments, focusing on startups that are in the initial phases of development but show significant potential for growth. This includes:
- Pre-Seed Stage: Companies that are in the ideation or very early operational stages, requiring capital to develop their product or service.
- Seed Stage: Startups that have a minimum viable product (MVP) and are looking to refine their offerings, gain traction, and scale operations.
Number of Investments: 64
Number of Exits: 4 full exits and 1 partial exits
Funds Raised: $20 million+
Remarkable Portfolio Company: One notable portfolio company is 54gene, a healthtech startup that aims to unlock the African genome to improve global health outcomes.
Founded by Dr. Abasi Ene-Obong, 54gene is working to bridge the gap in genomics research by gathering and analyzing African genetic data. The company has raised substantial funding and is making significant strides in advancing healthcare research and development.
Investment Criteria: Future Africa has specific investment criteria, focusing on:
- Mission-Driven Founders: Companies should be led by founders who are passionate about solving critical problems and driving positive change.
- Innovation: Startups should leverage technology to create innovative solutions that address significant market gaps or societal challenges.
- Market Potential: Companies should operate in high-growth sectors with substantial market opportunities.
- Early-Stage Support: Future Africa works with founders from as early as an idea or problem statement, rolling up their sleeves to help set businesses up for impact and scale. They provide support in areas like crafting a convincing narrative, building strong teams, developing the value proposition, and finding first customers and capital.
- Diverse Founders: Future Africa believes the bold and visionary entrepreneurial leaders they back will come from every walk of life, as they have lived experience of uncommon insight into Africa’s biggest challenges. Their portfolio demonstrates a willingness to eschew false stereotypes of who a great founder is or could be.
- Trust-Based Relationships: Future Africa sources companies through networks and relationships of trust, as they fund founders long before any due diligence is plausible. They are also strict about expelling bad actors from their ecosystem
Future Africa’s approach to investment is holistic, aiming to drive growth, innovation, and sustainability while achieving measurable social impact.
Under the visionary leadership of Iyinoluwa Aboyeji and Mia Kimani, the firm’s focus on empowering mission-driven founders is transforming the venture capital landscape in Africa, promoting economic inclusion and development.
Ajim Capital Fund, established in January 2021 by Eunice Ajim, is a venture capital firm dedicated to bridging the funding gap for African startups. With its headquarters in Austin, Texas, and operations across Africa, the firm aims to empower innovative entrepreneurs on the continent.
Eunice Ajim, the Founding Partner, has a compelling entrepreneurial journey that began in Cameroon. After moving to the US, she faced numerous challenges, before successfully launching Ajim Capital to support African tech startups.
Her vision is to create a billion-dollar VC fund focused on Africa’s entrepreneurial ecosystem
Industries They Invest In: Ajim Capital Fund targets industries where technology can create substantial value and address pressing challenges in Sub-Saharan Africa. They focus on:
- Fintech: Supporting solutions that enhance financial inclusion and streamline financial services.
- HealthTech: Investing in technologies that improve healthcare access, delivery, and efficiency.
- EdTech: Backing educational technologies that broaden access to quality education and skills development.
- Enterprise Software: Funding scalable software solutions that can transform business operations.
- Logistics and Mobility: Investing in technologies that improve transportation and logistics efficiency.
- E-commerce: Supporting online platforms that cater to diverse consumer needs.
Stages They Invest In: Ajim Capital primarily targets early-stage investments, focusing on startups that are in the following stages:
- Pre-Seed Stage: Companies that are in the very early stages, often pre-revenue, and need initial capital to develop their product or service.
- Seed Stage: Startups with a minimum viable product (MVP) that show initial signs of product-market fit and are looking to refine their offerings and scale operations
Number of Investments: 11
Number of Exits: 1 full exit and 1 partial exit
Funds Raised: $10 million+
Remarkable Portfolio Company: One notable portfolio company is Clafiya, a healthtech startup based in Nigeria.
Founded by Jennie Nwokoye, Clafiya aims to bring quality healthcare services to under-served communities by connecting patients with local health practitioners.
The platform provides various healthcare services, including consultations, health education, and diagnostic tests, directly at the patient’s location, thereby addressing the challenges of access to healthcare in semi-urban and rural areas.
Clafiya recently raised $610,000 in a pre-seed funding round, supported by Ajim Capital among other investors, to expand its services and reach.
Investment Criteria: Ajim Capital has specific investment criteria, focusing on:
- Early-Stage Startups: Ajim Capital primarily invests in early-stage startups, specifically in the pre-seed and seed stages. They seek companies with innovative ideas and potential for significant impact.
- Founder-Driven Companies: The fund looks for startups led by passionate and visionary founders committed to solving critical problems in their communities.
- Scalability and Market Potential: Startups should demonstrate the potential for scalability and operate in markets with significant growth opportunities.
- Technology-Driven Solutions: Ajim Capital favors startups that leverage technology to create innovative solutions addressing substantial market gaps or societal challenges.
Janngo Capital, founded by Senegalese entrepreneur Fatoumata Ba, is a prominent venture capital firm based in Africa.
The firm is known for its commitment to “tech for good,” focusing on investments that drive social impact and economic development across the continent.
Janngo Capital operates with a strong emphasis on gender equality, dedicating 50% of its funds to companies that are founded, co-founded, or significantly benefit women.
The firm has garnered support from major global investors, including the European Investment Bank, the African Development Bank, and the Boost Africa initiative.
Industries they invest in: Janngo Capital is sector-agnostic, investing in a diverse range of industries such as healthcare, logistics, financial services, retail, food and agribusiness, mobility, and the creative industry.
This broad investment scope reflects the firm’s strategy to address key market failures and create jobs across various sectors.
Stages They Invest In: Janngo Capital primarily focuses on early-stage investments, targeting startups that exhibit high growth potential. This includes seed stage and series A stage companies.
Number of Investments: 17
Funds Raised: $63 million+
Remarkable Portfolio Company: One notable portfolio company is YoLa Fresh, an agritech startup based in Morocco.
YoLa Fresh secured $7 million in pre-Series A funding, aiming to revolutionize the fresh food supply chain by connecting farmers directly with retailers and food service companies. This approach reduces food waste and improves incomes for farmers and retailers.
Investment Criteria:
Janngo Capital focuses on startups that:
- Improve access to essential goods and services such as healthcare, education, or financial services for Africans.
- Enhance the ability of African SMEs to access markets and capital.
- Create sustainable jobs at scale, with a strong focus on opportunities for women and youth.
Janngo Capital’s approach to funding is deeply rooted in its mission to foster social impact and economic growth across Africa.
Under the leadership of Fatoumata Ba, the firm emphasizes “tech for good,” supporting startups that drive meaningful change while also delivering strong financial returns.
Samata Capital, founded by Lisa G. Thomas, is a venture capital firm committed to promoting equitable and inclusive economic growth in emerging markets.
The name “Samata” is derived from a Bangla word meaning equality, with variants signifying balance, parity, equilibrium, and equal consideration.
These principles guide the firm’s mission to support underrepresented entrepreneurs and businesses that foster inclusivity and sustainability. Lisa G. Thomas, as the Founder and Managing Director, brings her extensive experience in investment and entrepreneurship to steer Samata Capital’s strategic direction.
Industries They Invest In:
Samata Capital invests in early-stage, scalable businesses led by innovative management teams that cultivate inclusive cultures. The firm targets industries that enhance productivity and mitigate risks, including:
- Healthcare: Solutions that improve healthcare access and delivery.
- Financial Services: Fintech innovations that drive financial inclusion.
- Consumer Goods: Businesses that provide essential products to underserved markets.
- Agribusiness: Ventures that promote sustainable agricultural practices.
Stages They Invest In:
The firm focuses on early-stage investments, specifically:
- Seed Stage: Supporting startups with viable business models and initial market traction.
- Series A: Providing capital to businesses looking to scale operations and expand market presence.
Number of Investments:4
Number of Exits: 2
Funds Raised: $10 million+
Remarkable Portfolio Company:
One notable portfolio company is ReelFruit, an innovative agribusiness venture that processes and packages dried fruit snacks.
ReelFruit aligns with Samata Capital’s mission by fostering sustainable agricultural practices and creating value-added products, thereby contributing to the economic empowerment of farmers and communities.
Investment Criteria:
Samata Capital’s investment criteria are centered around:
- Inclusivity: Emphasizing support for women-led businesses and underrepresented entrepreneurs.
- Impact: Prioritizing companies that offer solutions to significant social and economic challenges.
- Scalability: Focusing on businesses with the potential to grow sustainably and at scale.
- Alignment with Mission: Investing in startups that share the firm’s commitment to inclusivity and equitable economic development.
Samata Capital’s unique approach and strong focus on inclusive growth make it a key player in supporting transformative startups in emerging markets.
Founded by Nichole Yembra, The Chrysalis Capital is an investment management firm dedicated to supporting early-stage tech companies in emerging markets.
Nichole Yembra, the Founder and Managing Partner, brings a wealth of experience from her previous roles as the Chief Financial Officer at Venture Garden Group (VGG) and Managing Partner at GreenHouse Capital.
Under her leadership, The Chrysalis Capital aims to foster the growth of African tech startups, with a vision to build globally relevant institutions and transform the continent through technology and innovation.
Established in 2019 and based in Lagos, Nigeria, the firm focuses on investing in early-stage technology companies across Africa and the Diaspora.
Industries They Invest In:
The Chrysalis Capital targets a range of sectors where technology can drive substantial social and economic transformation:
- Agriculture: Solutions that enhance productivity and sustainability in farming.
- Renewable Energy: Innovations that promote sustainable and efficient energy solutions.
- Security: Technologies that improve safety and security measures.
- Healthcare: HealthTech solutions that increase access to healthcare and improve patient outcomes.
- Education: EdTech platforms expanding access to quality education and skill development.
- Financial Technology (FinTech): Startups developing solutions for financial inclusion and efficiency.
Stages They Invest In:
The firm primarily invests in early-stage companies, focusing on:
- Seed Stage: Companies with innovative ideas and potential for high growth.
- Series A: Startups seeking to scale their operations and expand their market presence.
Number of Investments:11
Number of Exits: 1
Remarkable Portfolio Company:
Bamboo: Bamboo is a financial software company that has developed a digital investment platform designed to assist users in discovering, investing in, and tracking their investments.
The platform provides access to a wide range of investment options, including global stocks, enabling customers to diversify their portfolios and manage their investments more effectively.
Chrysalis Capital participated in a $15 million funding round for Bamboo, underscoring their commitment to supporting innovative financial solutions in the African market.
Investment Criteria:
The Chrysalis Capital’s investment criteria include:
- Innovative Leadership: Investing in startups led by visionary and innovative founders.
- Scalable Solutions: Focus on companies with technologies that can scale and address significant market needs.
- Impactful Sectors: Emphasis on sectors that offer solutions to critical challenges in emerging markets.
- Commitment to Growth: Supporting companies that are committed to sustainable growth and long-term success.
The Chrysalis Capital, under Nichole Yembra’s guidance, continues to shape the venture capital landscape in Africa by empowering tech startups and driving innovation across various sectors.
(12) Centum Investment- Laila Macharia
Founded in 1967, Centum Investment Company is a private equity firm based in Nairobi, Kenya. It was founded by Laila Macharia is a prominent investor and entrepreneur, known for her significant contributions to the corporate and investment landscape in Kenya.
With over two decades of experience, she has built a reputation as a serial entrepreneur and angel investor, with interests spanning the creative industry, technology, real estate, and finance in both the US and East Africa.
She is currently the vice chairperson of the board of Centum Investment Company, Kenya’s largest publicly traded investment group, and also serves as a non-executive director at Absa Bank Kenya.
Industries They Invest In:
Centum Investment Company focuses on investments across a broad range of industries:
- Real Estate
- Infrastructure
- Financial Services
- Consumer Goods
- Energy
- Education
- Technology
Number of Investments: Centum has made a total of 42 investments.
Number of Exits: The firm has successfully exited 22 investments.
Investment Criteria;
- Strong Management Teams:
Centum looks for businesses with strong incumbent management teams that have an exceptional track record.
Growth Potential:
Companies must offer scope for significant growth and diversification, both regionally and by product offering.
Profitability:
Target companies should be profitable with an EBITDA in excess of USD 5 million.
VestedWorld, founded in 2014, is an Africa-focused venture capital firm that aims to deliver both impact and financial returns. Based in Chicago, Illinois, VestedWorld targets investments in agriculture, consumer goods, and enabling technology startups across East and West Africa, particularly in Ghana, Nigeria, and Kenya.
The firm also considers opportunities in Ethiopia, Rwanda, Tanzania, and Uganda. Leading VestedWorld is Nneka Eze, a Managing Partner who joined in 2021.
Nneka brings extensive experience in investment and consultancy across Africa, holding a background in economics from Harvard University, and having professional stints at McKinsey & Company and Dalberg.
Industries They Invest In:
VestedWorld focuses on sectors where they can drive significant impact and returns, including:
- Agriculture/AgrifoodTech: Investing in innovative solutions to improve agricultural productivity and food security.
- Consumer Goods: Backing companies that cater to the diverse needs of African consumers.
- Enabling Technology: Supporting tech-driven startups that provide essential services and solutions across various sectors, including logistics.
Stages They Invest In:
VestedWorld primarily targets early-stage investments, focusing on startups that are in the early phases of development but show significant potential for growth. This includes:
- Pre-Series: Startups that have developed a minimum viable product (MVP) and are looking to gain traction and scale operations.
- Series A: Companies that have achieved product-market fit and are looking to expand their market presence and operations.
Number of Investments: 35
Number of Exits: 2
Funds Raised: $28 million+
Remarkable Portfolio Company:
Shuttlers is a tech-enabled transportation startup based in Nigeria that offers an innovative solution to the commuting challenges faced in urban areas.
Founded in 2015 by Damilola Olokesusi, Shuttlers provides a platform that enables individuals and organizations to book comfortable and affordable bus rides along pre-determined and optimized routes.
Investment Criteria:
VestedWorld’s investment criteria include:
- Impact and Returns: Startups should demonstrate the potential for significant impact and financial returns.
- Innovative Solutions: Companies should leverage technology to create innovative solutions addressing critical market gaps.
- Scalability: Startups should have a clear pathway to scalability and market expansion.
- Experienced Founders: Companies should be led by founders with strong expertise and a deep understanding of their target markets.
- Market Potential: Startups should operate in high-growth sectors with substantial market opportunities.
- Focus on African Founders: VestedWorld is committed to investing in African founders and female entrepreneurs, aiming to promote diversity and inclusion within the entrepreneurial ecosystem.
Nneka Eze’s leadership at VestedWorld has been instrumental in driving the firm’s mission to deliver impact and returns in Africa. Her deep understanding of the African market, combined with her extensive experience in investment and consultancy, positions VestedWorld as a key player in the continent’s venture capital sector.
Enygma Ventures, established in 2019, is a private investment fund based in Cape Town, South Africa, dedicated to supporting women-led businesses in Southern Africa.
The firm focuses on empowering female entrepreneurs within the SADC region, aiming to make capital accessible for scalable and sustainable business ventures.
Co-founded by Sarah Dusek, who is also known for co-founding Under Canvas, a prominent adventure-hospitality company in the US, Enygma Ventures leverages her extensive entrepreneurial background to drive economic and social transformation through investment.
Industries They Invest In:
Enygma Ventures invests in sectors where women-led businesses can have a substantial impact, including:
- Fintech: Supporting startups that foster financial inclusion and technological innovation in financial services.
- HealthTech: Investing in technology solutions aimed at improving healthcare outcomes and accessibility.
- EdTech: Backing educational technology ventures that enhance learning opportunities and educational accessibility.
- Consumer Goods: Promoting businesses that address diverse consumer needs through innovative products and services.
- AgriTech: Investing in technology-driven agricultural solutions that boost productivity and sustainability in farming.
Stages They Invest In:
Enygma Ventures targets early-stage investments, focusing on startups with high growth potential. This includes:
- Pre-Seed Stage: Companies in the early ideation phase or initial operational stages.
- Seed Stage: Startups with a minimum viable product (MVP) that are refining their offerings and preparing to scale.
Number of Investments: 23
Number of Exits: 4
Funds Raised: Over $6 million
Remarkable Portfolio Company:
One notable portfolio company is Koa Academy, an innovative educational platform focused on enhancing learning experiences.
Koa Academy is renowned for its unique approach to education, leveraging technology to provide accessible and engaging learning solutions.
Investment Criteria:
Enygma Ventures’ investment criteria emphasize:
- Women-Led Businesses: Preference for companies led by women or with significant female leadership.
- Innovation and Impact: Startups should offer innovative solutions that address critical challenges and create notable social and economic benefits.
- Scalability: Businesses should demonstrate clear potential for growth and expansion.
- Strong Leadership: Founders should have strong leadership qualities and a clear vision for their company’s future.
Under Sarah Dusek’s leadership, Enygma Ventures is committed to empowering women entrepreneurs and driving economic development in Southern Africa.
The firm not only provides financial support but also offers mentorship and strategic guidance to help startups realize their full potential and drive meaningful change.
ShEquity, founded in 2020 by Pauline Koelbl, is a venture capital investment firm based in Ebene, Mauritius. The firm is dedicated to supporting female-led impactful startups across Africa, aiming to bridge the gender investment gap and foster inclusive economic growth.
Pauline Koelbl, a seasoned expert in gender-lens impact investing and innovation, leads the firm with a focus on empowering women entrepreneurs and unlocking their full potential.
Industries They Invest In: ShEquity invests in a diverse range of industries where female-led businesses can create significant social and economic impact. These industries include:
- Technology-Enabled Solutions: Supporting innovations that leverage technology to solve critical problems.
- Renewable Energy: Promoting sustainable energy solutions that contribute to environmental and economic sustainability.
- FMCG (Fast-Moving Consumer Goods): Investing in consumer goods companies that cater to essential and diverse market needs.
- Digitalization: Backing ventures that drive digital transformation and accessibility.
- Fintech: Supporting financial technology startups that enhance financial inclusion and access.
- Hospitality and Service Industry: Investing in businesses that enhance service delivery and customer experiences.
- Agriculture (AgriTech): Promoting technology-driven agricultural solutions that increase productivity and sustainability.
- Healthcare: Investing in healthcare innovations that improve health outcomes and accessibility.
Stages They Invest In ShEquity primarily targets early-stage investments, focusing on startups in the initial phases of their business journey. This includes:
- Pre-Seed Stage: Companies in the ideation or early operational stages, where support can significantly impact growth and development.
- Seed Stage: Startups with a clear business model and product-market fit, seeking capital to scale operations and refine their offerings.
Number of Investments: 11
Number of Exits: 1
Remarkable Portfolio Company: Ecodudu
Ecodudu is a standout portfolio company of ShEquity, exemplifying the firm’s commitment to supporting innovative and impactful female-led startups. Based in Kenya, Ecodudu is an agri-tech company that focuses on converting organic waste into high-quality insect-based protein and organic fertilizers.
This pioneering approach not only addresses critical issues related to waste management but also contributes to food security by providing a sustainable source of protein for animal feed.
Investment Criteria: ShEquity’s investment criteria focus on:
- Female Leadership: Preference for companies led by women or with significant female leadership.
- Impact and Innovation: Startups must offer innovative solutions with the potential to create significant social and economic impact.
- Scalability: Businesses should demonstrate the potential for substantial growth and expansion.
- Strong Leadership: Founders should possess strong leadership qualities and a clear vision for their company’s future.
The firms highlighted in this article are at the forefront of transforming the investment scene in Africa. By understanding the focus areas and investment criteria listed above, your startup can strategically align with these firms to unlock new opportunities and resources.
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