Of Africa’s 100 Most-Funded Startups, Only 3 Have Female CEOs

Out of Africa’s 100 most-funded startups since 2019, only three have female CEOs, according to Africa: The Big Deal. Of the three female CEOs, only two are Black women.

Despite over $1 billion raised by giants like MTN-Halan, Sun King, and OPay, female leadership remains rare at the top.

No Women Leading Top 10 Funded Ventures

All top 10 ventures in terms of funding are led by men. In fact all startups that raised over $100 million since 2019 have male CEOs.

Even beyond the top ventures, the disparity continues. Gro Intelligence, once led by Sara Menker, stood out for raising $85 million in 2021, the largest round for a female-led company. 

However, with Menker’s exit and the company’s rumored closure, this gap has widened further.

Read: African Women CEOs Talk About How They Raised $1M In 2021

The 3 Women-Led Startups in the Top 100

Three female-led startups made it into Africa’s top 100 most-funded ventures.

Ranking at number 33 is Nigerian logistics startup Kobo360. Cikü Mugambi (pictured) joined the company in 2021, before becoming CEO in 2023.

At number 40, is Nigerian logistics startup Sabi, led by Anu Adasolum, which raised $38 million in 2023. Following closely behind at number 44 is South Africa’s Cape Bio Pharms, Belinda Shaw, which secured a $50 million grant in 2020.

These companies stand as outliers in a male-dominated space, with no other female-led startups currently in the top 100.

While disappointing, the lack of female representation underscores the importance of closing the gender gap in Africa’s tech leadership as female-led ventures grow and gain investor backing.

Featured image credit: Techpoint Africa