Across Africa, women tech entrepreneurs are rewriting the continent’s innovation narrative, but not without a fight.
While headlines have praised rising deal counts for women-led startups, a deeper look reveals a different truth: women are getting more deals but less money. A new report titled “Beyond the Noise” pulls back the curtain on Africa’s gendered startup ecosystem, and it’s a wake-up call we can’t afford to ignore.
The Numbers Don’t Lie, and They’re Not Good
Since 2019, startups with women-only founders accounted for less than 5% of total venture capital funding in Africa. Even in South Africa, one of the more developed startup ecosystems, women-only teams secured less than 1% of total investment volume in 2023.
In Nigeria, that figure was barely better. In fact, most women founders rely heavily on grants, which, while well-meaning, often come with rigid reporting requirements and little connection to long-term funding or scale.
Yet, there’s another side to the story: Kenya is getting something right. Through better integration of women in mixed-gender growth spaces and investor ecosystems, Kenya is seeing higher capital flows to women in sectors like agtech and healthtech.
What’s Broken, and What We Can Build
“Beyond the Noise” doesn’t just diagnose the issue. It lays out a roadmap for transforming Africa’s startup ecosystems into equitable platforms for growth:
1. Fund Founders, Not Just Sectors
Many women are overrepresented in “low-ticket” sectors like education or healthcare because those are seen as “easier” markets. But these biases limit women’s access to capital-intensive fields like fintech or AI. ESOs must support strong teams wherever they emerge, not just where women are already clustered.
2. Rethink Grants
Grants are helpful, but only when they pave the path toward commercial funding. The current system often isolates grant-funded women entrepreneurs from the VC landscape. Reporting structures need a reset to reflect investor realities, not just donor KPIs.
3. Make Networks Work for Women
In Nigeria, many women founders feel excluded from investor circles that remain male-dominated and opaque. But the data is clear: intentional matchmaking, safe networking spaces, and women-led mentorship can break the cycle.
4. Spotlight Success Stories
Tired of hearing women lack “scale potential”? This myth lives on because success stories aren’t being shared. Women-led businesses often grow slower but stronger, proving more sustainable over time. These are stories we need to amplify.
5. Data Is Power. Use it.
The report calls for better gendered performance metrics, especially on startup longevity, team composition, and capital efficiency. These numbers don’t just inform decisions—they dismantle the excuses for why women still get passed over.
Why This Matters for Africa Now
Africa’s digital economy is projected to reach $712 billion by 2050. If women remain underfunded and underserved, we’re leaving half our potential on the table. This isn’t just a gender issue; it’s an economic crisis in slow motion.
But it’s also a moment of opportunity.
Ecosystem builders, funders, and policymakers can seize this moment to invest in not just female founders but Africa’s entire future.
The “Beyond the Noise” report is more than a diagnosis. It’s a roadmap. One that calls us to move past panels, hashtags, and performative pledges. Because in Africa’s innovation journey, equity is not a side note. It’s the main storyline.
