In recent years, the African continent has seen a surge in entrepreneurial activity, with women playing an increasingly vital role in the startup ecosystem. However, female entrepreneurs often face significant challenges in accessing capital. To address this gap, several angel networks have emerged, focussing specifically on supporting and funding female-led startups across the continent. This article highlights some of the key players in this space.
1. Rising Tide Africa
Based in Lagos, Nigeria, Rising Tide Africa has been at the forefront of promoting women's participation in angel investing since its establishment in 2016 by Yemi Keri. Part of the global Rising Tide movement, this network focuses on educating and empowering women investors while supporting female-led startups across Africa.
Key features:
- Pan-African focus with strong presence in Nigeria
- Invests in early-stage, technology-enabled businesses
- Provides seed funding and educational resources for members
2. FirstCheck Africa
Founded in 2021 by Eloho Omame and Odunayo Eweniyi, FirstCheck Africa is also part of the WAI Angel Network and addresses the funding gap for female tech entrepreneurs in Africa. They are primarily a venture capital firm and provide early-stage investments to pre-seed and seed-stage startups with at least one female founder or co-founder.
Key features:
- Investments typically range from $50,000 to $250,000.
- Focuses on pre-seed and seed-stage startups
- Offers mentorship and network access beyond capital
3. ShEquity
Launched in 2020 by Pauline Koelbl, ShEquity takes a holistic approach to supporting women-led businesses in Africa. This investment vehicle combines capital injection with technical support and network access.
Key features:
- Focusses on seed to Series A stage investments
- Operates across Sub-Saharan Africa
- Runs the ShEquity Business Accelerator (SHEBA) programme.
4. WAI Angel Network
The Women in African Investments (WAI) Angel Network, part of the larger WAI Group, is dedicated to promoting and accelerating the success of African women entrepreneurs. Launched around 2017, this network brings together successful businesswomen and professionals as angel investors.
Key features:
Join over 3,000 founders and investors
Give it a try, you can unsubscribe anytime. Privacy Policy.
- Pan-African approach
- Focuses on early-stage investments in women-led startups
- Provides mentorship and strategic advice alongside capital
5. Archangel Fund
This fund focused on investing in startups founded or co-founded by women or diverse teams. The Archangel Fund plays a significant role in uplifting early-stage startup founders with their first check. Established by Gabriella Uwadiegwu, this fund is a syndicate that supports African startups building across various tech verticals; in other words, they are sector agnostic.
Key features:
- Invests in female-led early-stage startups
- Typical investments range from $25,000 to $50,000.
- Offers mentorship and network access
What does the future hold for funding female-led startups?
These angel networks are playing a crucial role in bridging the gender funding gap in Africa's startup ecosystem. By providing not just capital but also mentorship, education, and valuable networks, they are empowering a new generation of female entrepreneurs across the continent. As the African startup scene continues to grow, these networks will undoubtedly play an increasingly important role in shaping a more inclusive and diverse entrepreneurial landscape, and female-focused venture capital firms such as Aruwa Capital Management are also bridging the gap.
However, challenges remain. Many of these networks are still relatively young, and their long-term impact is yet to be fully realized. Additionally, while they are making significant strides, the funding gap for female entrepreneurs in Africa remains substantial. Continued efforts to expand these networks, educate more women about angel investing, and promote success stories will be crucial in the coming years.
As Africa's startup ecosystem matures, it will be exciting to watch how these female-focused angel networks evolve and contribute to the continent's economic growth and gender equality in entrepreneurship.
