May 20, 2022

TechCrunch - African tech took center stage in 2021

Two years ago, the African tech ecosystem saw newfound attention from global players that translated to the continent’s best year of receiving venture capital. From varying sources, it is estimated up to $2 billion went into African tech startups in 2019.

More female-led startups raised million-dollar rounds

Funke Opeke is one of the very few founders to have come this far: running an African tech company to the point of exit. She’s also probably the only female founder on the continent to have raised nine figures cumulatively for her business.

Opeke’s experience is an outlier. In Africa and globally, funding doesn’t come easy for female-led companies. A report by Briter Bridges from the middle of this year looked at 1,100+ companies to have received VC money between 2013 and May 2021 (pegged at $20 million or less).

Per the report, only 3% of the $1.7 billion raised within this period went to all-female founding teams compared to 76% for all-male teams.

So, it’s great news when female-led startups raise a million dollars or more in Africa. And it indirectly contributes to how well the region performs, as we can attest to this year which recorded more than ten deals, signalling an improvement in VCs (both gender-focused and gender-agnostic) sourcing for female-led teams to invest in.

The female-led startups that raised a million dollars or more this year include ShuttlersBanklyLamiOkraKlashaAkiba DigitalEjaraKwaraEdukoyaReelfruit and Jetstream.

Read more about it here.

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