Women CEOs On The Rise In Africa’s Tech Scene, Report Finds

In recent years, the African tech startup ecosystem has seen steps towards greater gender diversity a new report has found.

The report by Disrupt Africa, in partnership with the Africa-focused pre-seed investment program Madica, reveals these advancements while underscoring the need for more substantial efforts to achieve gender parity.

Slow but Steady Progress

Disrupt Africa’s latest publication, the 24th report and second edition of “Diversity Dividend: Exploring Gender Equality in the African Tech Ecosystem,” offers an analysis of gender diversity among African startups. 

This report includes both quantitative and qualitative data, highlighting the proportion of female founders and CEOs, their access to funding, and personalized case studies of women in the ecosystem.

The report studied 2,600 African tech startups and found that 17.3% had at least one female co-founder, up from 14.6% in the previous year.

Additionally, 11.1% of these startups had a female CEO, compared to 9.6% in the last report. Although these figures are still low, they indicate a positive trend towards increased female representation.

Funding Dynamics for Female-Led Startups

One of the significant areas of improvement noted in the report is the increase in funding for startups with female leadership. 

The percentage of total African tech funding raised by ventures with at least one female co-founder rose to 16.6% in 2023 from 9.3% in 2022. 

Moreover, the share of funding raised by female-led startups increased from 2.8% in 2022 to 8.2% in 2023. 

“Our second edition of ‘Diversity Dividend’ tracks small but significant steps towards a more gender-diverse African startup ecosystem,” Gabriella Mulligan, co-founder of Disrupt Africa said.

“However, more needs to be done to accelerate gender parity, which is crucial for the sector’s growth and success.”

Driving Change through Collaboration

The report was supported by several partners, including Madica, Goodwell Investments, SAIS, and the International Trade Centre’s NTF V program. 

“At Madica, we integrate diversity into our operations, championing successful women in tech to inspire and create a ripple effect across the industry,” said Emmanuel Adegboye, head of Madica.

Nico Blaauw, partner at Goodwell Investments, pointed out the historical context of female entrepreneurship in Africa and the persistent gender disparity in the startup scene. 

“We are excited to collaborate with Disrupt Africa to uncover the reasons behind this disparity and explore how investors can contribute to achieving gender equality,” he said.

Feature Image Credit: GTA