Since 2019, 27 start-ups in Africa have secured over $100 million in equity, debt, or grant funding. Leading the pack is MTN-Halan, which has raised close to $1 billion in the past 5.5 years, followed by Sun King and OPay.
Expanding the scope to ventures that have raised over $50 million, the list grows to 56, while the threshold for making it into the Top 100 sits at $32 million raised over the period.
One glaring gap in this group, however, is the representation of female CEOs. As of February 2024, no female-led start-up had raised over $100 million in the period since 2019. This shift followed the replacement of Sara Menker, the former CEO of Gro Intelligence, which had made waves with its $85 million Series B round in 2021—the largest ever for a female-led start-up in Africa.
With Menker’s departure and rumors of Gro Intelligence winding down, the landscape became even more male-dominated.
However, the tide shifted slightly on September 17, 2024, with the appointment of Carrol Chang as CEO of Andela. Chang, previously with Uber, now leads Andela, making it the only African start-up in the Top 30 for funding raised since 2019 that has a female CEO.
While Chang isn’t a co-founder, it’s worth noting that Andela, co-founded by Christina Sass, is the only venture in the Top 20 that has had a female co-founder.
The broader landscape of Africa’s highest-funded start-ups reveals that 19 of the 20 most-funded ventures are led by all-male founding teams or male founders.
Also Read: Kenya Leads African Start-ups at $437 Million in Funding in 2024
However, in the $50 million+ club, three other ventures stand out with female CEOs:
- Kobo360 – Ranked 33rd, this Nigerian logistics start-up is led by Cikü Mugambi, who took over as CEO in August 2023 after joining as Chief of Staff and Investor Relations in 2021.
Sabi – At 40th, this Nigerian e-commerce start-up, co-founded by Anu Adasolum in 2021, raised $38 million in a Series B round in May 2023, propelling its valuation to over $300 million.
- Cape Bio Pharms – Ranked 44th, this biotech spin-off from the University of Cape Town is led by Belinda Shaw. Cape Bio Pharms raised a $50 million grant in 2020, although no further fundraising has been reported since.
These four companies represent the only ventures within the Top 100 that have female CEOs, further highlighting the gender imbalance in leadership among Africa’s most funded start-ups.
Lori Systems also deserves a mention. While the logistics company was once led by Uche Ogboi—who served as CEO from mid-2021 until early 2023—she was eventually replaced by co-founder Jean-Claude Homawoo in May 2023, marking another exit of a female leader from a high-profile African start-up.
