These 8 Female VC Investors are Transforming Africa’s Tech Ecosystem

The African venture capital industry, like many other areas of tech, has a significant gender imbalance. This disparity can be attributed to a multitude of factors, including a history of underrepresentation, ingrained biases, and other socioeconomic challenges. However, the presence of more women in venture capital could have a transformative effect on this industry.

Female VCs, in particular, are often twice as likely than their male counterparts to invest in companies founded by women, highlighting the need for increased gender diversity in this field. 

Despite the potential for female-led tech startups to thrive, the African tech industry remains heavily male-dominated. Shockingly, in 2022, only 20% of the 600+ African tech startups that received funding had a female founder.

To address this problem, it is crucial to increase diversity in the VC space. With greater representation and more diverse perspectives in the industry, Africa can have a more equitable tech ecosystem that fully harnesses the talents and potential of all entrepreneurs.

This year’s International Women’s Day theme is a reminder to celebrate the accomplishments of women, and to promote gender equity. In the African tech ecosystem, female VCs have been instrumental in driving this progress. Here are eight noteworthy female VCs who are making a significant impact across the continent:

Tokunbo Ishmael

Tokunbo Ishmael is the founder and managing director of Alitheia Capital, a Nigerian-based investment management and advisory firm that leverages private equity investments to drive business transformation in West Africa. As one of the few female-founded VCs at the time of its inception in 2007, Alitheia Capital has intentionally supported female founders and colleagues within the industry. They have invested in numerous startups across the continent including Paga, Baobab, Max.ng, and Lidya.

“By investing in diverse teams and being inclusive of female founders we can achieve superior returns. It has been shown that companies that have diverse teams are able to achieve over 20 per cent above the average company in terms of their returns.” 

 

Adesuwa Okunbo Rhodes

Aruwa Capital Management was established in 2019 by Adesuwa Okunbo Rhodes, a seasoned investment banker with over 13 years of experience. The firm’s primary objective is to address the investment gap that disproportionately affects women-led businesses in Africa. Rhodes is passionate about empowering female entrepreneurs and has dedicated herself to achieving this goal through Aruwa Capital. Since its inception, Aruwa Capital has invested in several promising startups founded by women, including CrowdForce, Agroeknor International, Wemy Industries, and Koolbloks. 

“Women don’t need more seats at the table, we need to create our tables”

 

Omobola Johnson & Andreata Muforo

Omobola Johnson and Andreata Muforo are investment partners at TLCom Capital. Despite their distinct backgrounds and cultures, they share a common desire to assist Africa’s tech entrepreneurs. They recognize the gender imbalance in the industry and aim to utilize their influential positions in the VC space to promote female entrepreneurship in Africa. TLcom follows an egalitarian model where partners have equal representation and an equal say in investment decisions, ensuring that every voice is heard and respected. TLCom has invested in numerous startups worldwide, including Andela, Kobo, Ilara Health, Okra, and Seamless HR. 

“We have a very strong commitment to developing female entrepreneurs and I think the market believes that commitment because they see a VC firm with two female partners who are just as well compensated, just as visible, just as competent as our two male partners. When we talk about our commitment to female entrepreneurs I think the market believes us and trusts us.” – Omobola Johnson

“In general, the world is a better place when both men and women are participating, versus if only half the population is contributing – there’s something that is missed there.” – Andreata Muforo

 

Eloho Omame 

Eloho Omame launched FirstCheck Africa in 2021, an early-stage investment fund specifically targeting women-founded tech startups throughout the continent. Beyond her role as an investor, Omame is a passionate advocate for gender diversity in the technology and entrepreneurship sectors in Africa. She previously served as managing director and CEO of the entrepreneurship community Endeavor Nigeria, and currently serves as a partner at TLCom Capital. FirstCheck’s portfolio includes startups such as Twiga Foods, Ilara Health, Pula, Okra, Ulesson and Autocheck. 

“Our vision is an African future that women have an equal hand in leading & shaping through tech & entrepreneurship.”

 

Maya Horgan Famodu

Maya Horgan Famodu is the founder and managing director of Ingressive Capital, a venture firm that invests in tech-enabled companies in Sub-Saharan Africa at the Pre-Seed to Seed stage, with typical check sizes of up to $400k. Famodu’s path to success was challenging, having previously founded and failed at a Venture Capital firm. Despite years of cold emails, fatigue, and rejection, she was able to establish a thriving investment fund, becoming the first solo woman in Nigeria to do so. Ingressive Capital invests in around 40% female-founded companies, reflecting Famodu’s active efforts to close the gender gap and reap the benefits of a more diverse portfolio. So far, Ingressive Capital has made investments in many notable startups, including Paystack, Bamboo, 54gene, and Payday

“There are data-driven reasons behind our key focus on female-founded or co-founded teams, one of which is that heterogeneous teams, specifically, those with female co-founders, perform significantly better than all-male teams.”

 

Fatoumata Bâ

Fatoumata Bâ, the only female co-founder of Africa’s first unicorn, Jumia, has established herself as a leading figure in the world of tech entrepreneurship. However, Bâ was not content with her successes and strived to do more to empower entrepreneurs across Africa. In 2018, she founded Janngo Capital, a gender-equal tech venture capital fund that invests in pan-African startups with a proven business model and a focus on creating inclusive social impact. Janngo’s portfolio includes startups such as BetaStore and Fleeti. 

“People will not look at you as a high-performing, extremely driven, extremely hard-working, fund manager or entrepreneur. They see you through the lens of a young, Senegalese female. But I do not think we should allow this to define us, and I personally don’t allow it to define me, and I now see it as something positive, because they don’t expect to see us where we are and by the time they realise, we’re already far away!”

 

Eunice Ajim

As a tech entrepreneur turned investment partner, Eunice Ajim has always been passionate about the innovative and creative world of technology. She is now the Founding Partner at Ajim Capital, an early-stage fund that targets African startups. Her goal is to give back to African entrepreneurs and promote the growth of the tech industry on the continent. Ajim Capital has invested in a number of startups, including Spleet, Raenest, Daba Finance, and TruQ. 

“Women need to see their difference as an advantage. When you get in a room and you are different, people pay attention. Use it to your advantage.”