Did you know that female founders just hit a five-year low in venture capital funding? According to a recent report by PitchBook, women-led startups received only 1.9% of total VC funding in 2024—a stark reminder of the challenges women still face in securing investment.
The Alarming Statistics
The statistics tell a stark story: women founders not only receive less funding than their male counterparts but also face increasing challenges as they seek to establish and grow their businesses. Research indicates that female entrepreneurs receive 14% less funding overall compared to male founders, and an additional 8% reduction occurs if an investor has previously backed a woman-led startup that failed. This creates a cycle of disadvantage, where past failures disproportionately impact future opportunities for women entrepreneurs.
Moreover, the data reveals that women represent just 16% of first-time VC-backed entrepreneurs, with their numbers dwindling as they attempt to launch multiple ventures—only 4% of those who start three or more VC-backed companies are women.
The situation is glaring across Africa, where businesses founded by women have received less than 5% of venture capital funding over the past decade. Reports from Briter Bridges and V54 Open Impact indicate that despite being a driving force behind innovation and inclusive growth, women-led startups continue to struggle with attracting investors.
This disparity not only highlights the hurdles female founders face but also underscores the missed opportunities for investors who overlook the potential of experienced women-led businesses.
Female entrepreneurs making great strides
Despite these challenges, and just like Fei-Fei Li and Mira Murati are revolutionizing the AI space, many female founders are making significant strides in various sectors in Africa. For instance:
1. Odunayo Eweniyi is a prominent figure in Nigeria’s fintech landscape as the co-founder of PiggyVest, the first online app for personal savings and investment in West Africa. Under her leadership, PiggyVest has grown to serve over 4 million users, helping them save over $300 million collectively.
The Fintech has paid out over $1.42 billion to its customers since its inception in 2016. Additionally, Eweniyi co-founded FirstCheck Africa, an angel fund that invests in women-led startups, addressing the gender gap in venture capital. Through her efforts, she has facilitated funding for numerous women entrepreneurs, addressing the gender gap in access to venture capital.
2. Oluwatosin Olaseinde is the founder of MoneyAfrica, a platform dedicated to financial literacy, and Ladda, an investment management app. With a community exceeding 300,000 on social media and over 15,000 active users, her platforms provide accessible financial education covering topics from budgeting to investment strategies.
Olaseinde’s initiatives aim to empower Millennials and Gen Z towards financial independence, projecting $1 million in revenue for MoneyAfrica this year13. Her work has earned her recognition as one of the Top 50 African Business Heroes.
3. Jihan Abass – Lami Technologies
Jihan Abass founded Lami Technologies in Kenya to improve insurance coverage across Africa. The company offers a digital platform that allows businesses to provide customized insurance products quickly. Since its inception, Lami has raised over $1.8 million in funding and has partnered with major banks to sell thousands of policies
4. Bukky George is the founder and CEO of HealthPlus Limited, which is recognized as Nigeria’s first integrative pharmacy and the fastest-growing pharmacy and beauty chain in West Africa.
She established the company in 1999 and has since played a significant role in the health and beauty industry, with over 28 years of experience. Under her leadership, HealthPlus has expanded to more than 90 retail outlets across Nigeria and employs over 850 associates.
5. Fatma Ibrahim co-founded Kiwe, an Egyptian fintech app that facilitates peer-to-peer money transfers for unbanked populations. By promoting financial inclusion, Kiwe is making strides toward economic empowerment for many individuals. Kiwe has successfully attracted a substantial user base, primarily targeting young individuals who are often underserved by traditional banking systems, and the app is currently available in 900 retail stores across 20 states in Egypt.
Spotlight on Female Leaders in HealthCap Africa
At HealthCap Africa, we are committed to breaking these barriers and amplifying the voices of female founders in healthtech and fintech. Our portfolio features several inspiring women-led companies that are making significant strides in these sectors:
Healthtech Sector:
- Ifeoluwa Dare-Johnson – Healthtracka
Ifeoluwa Dare-Johnson founded healthtracka in May 2021, 5 months after her participation in the Techstars Toronto accelerator program. The company operates in 12 states and has expanded its team from 2 to 20 employees, demonstrating rapid growth and commitment to addressing healthcare challenges on the continent.
To date, Healthtracka has successfully conducted over 15,000 at-home tests and processed more than 1,000 tests monthly, achieving an average growth rate of 10% month-over-month. The company’s impact is particularly notable in women’s health; it has screened over 1,000 women for cervical cancer using its first-of-its-kind at-home HPV self-sampling kit. This initiative aims to promote early detection and prevention of cervical cancer, particularly among underserved populations such as rural female farmers and female drivers.
- Temi Giwa-Tubosun – Lifebank
Recognizing the critical challenges hospitals face in obtaining timely blood supplies for patients, Temie co-founded LifeBank in 2016 to streamline this process. Since its inception, LifeBank has made significant strides in enhancing healthcare delivery across Africa. The company operates in 13 cities and has successfully transported over 250,000 medical products, including blood, oxygen, and vaccines. LifeBank’s services have positively impacted the lives of more than 65,000 individuals, demonstrating its commitment to saving lives through efficient logistics solutions.The company ensures rapid delivery of essential medical supplies, capable of reaching hospitals within 55 minutes. This efficiency is crucial in emergency situations where timely access to blood can be a matter of life and death.
- Folake Owodunni – Emergency Response Africa
Folake Owodunni is the Founder at Emergency Response Africa. Folake is dedicated to making healthcare accessible in Africa, she is a skilled communicator and Prosci-certified Change Management Practitioner with over 9 years of experience in healthcare, non-profit, consulting and higher education sectors in US, Nigeria and Canada. Emergency Response Africa is a healthcare technology company that is changing how medical emergencies are managed in Africa, beginning in Nigeria. The Healthtech has saved over 3,000 lives, trained 9660 heroes and impacted the lives of 2.5 million Africans.
- Affiong Williams – Reelfruit
Affiong founded ReelFruit, the largest dried fruit processing, marketing, and distribution company in Nigeria, as part of her quest to ‘solve for’ youth unemployment in Nigeria. She founded and grew ReelFruit with a 100% female management team.
Currently, ReelFruit’s products are available in over 900 retail stores across 20 states in Nigeria.
ReelFruit rraised $3 million in Series A funding to expand its dried fruit production and develop new products. This funding will enable the company to increase its production capacity significantly. The company also has a state-of-the-art processing facility in Ogun State with a capacity to process 800 metric tons of fruit annually. This facility is expected to boost monthly dried fruit output from 6 metric tons to 30 metric tons and create approximately 200 jobs within its first year of operation.
The company has also implemented an agro-extension services program for 250 registered mango and pineapple farmers, aimed at enhancing their agricultural practices and increasing fruit harvests.
ReelFruit’s impact extends beyond just production; it has empowered over 355 smallholder farmer networks across eight Nigerian states by providing training on good agricultural practices.
- Melissa Bime – Infiuss Health
Melissa is the founder of Infiuss health. As a nurse, Melissa Bime saw a huge challenge in her country’s hospitals – getting essential blood supplies to those in need in order to save lives. So she became an impact entrepreneur, choosing to change the situation rather than being part of it, launching her online blood bank, Infiuss as a solution. Infiuss Health all-in-one software helps researchers remotely recruit participants, collect e-consent, collect and analyze data and provide virtual support. Over 20,000 trial participants have been enrolled across 50 countries, showcasing the platform’s effectiveness in connecting researchers with diverse populations.
- Genevieve Bernard Oni – MdaaS Global
Genevieve Barnard Oni is the CFO and Co-Founder of MDaaS Global. The idea for health tech came to her and her co-founder during their time at MIT. They wanted to make world-class medical diagnoses available to everyday people in Africa. And this desire to impact lives led to the launch of MDaaS.
MDaaS Global operates in over 10 states across Nigeria and has served over 500,000 patients, served, of which 60% are women.
Fintech Sector:
- Atinuke Idowu – Termii
Atinuke Idowu is the co-founder and Chief Operating Officer (COO) of Termii, a leading customer engagement platform in Africa.
Termii has grown into a critical infrastructure for over 13,000 businesses, including fintech giants such as Moniepoint, Chipper Cash, and PiggyVest. The platform processes over 700 million customer transactions annually across Nigeria, Ghana, Ivory Coast, and Kenya. Additionally, Termii facilitates wallet transactions totaling an impressive $11 billion, underscoring its role as a trusted partner for financial service providers, which account for 89% of its customer base.
Under Atinuke’s leadership, Termii has achieved remarkable growth. The company recently raised $3.65 million in funding, led by Ventures Platform and supported by prominent investors like FinTech Collective and Launch Africa Ventures.
- Chioma Okotcha – Payhippo
Chioma Okotcha co-founded Payhippo, to start digital lending platform Payhippo in 2019. After studying for a Masters in Public Administration at a leading social sciences university in France, Science Po, and an undergraduate degree in computer science, Okotcha went on to work in public policy for entities such as the OECD, the French development agency, and the Tony Blair Institute. It was these job opportunities that gave Okotcha insights into how government policies and regulations can adversely affect the ability for businesses to grow, if there is a disconnect to on-the-ground realities and lived experiences of small and medium-sized businesses (SMEs). With an impressive user base of over 3,000 active users, Payhippo has disbursed loans exceeding 20 billion naira to a diverse range of 3,000 businesses, enabling them to thrive and flourish.
These companies exemplify how female founders can drive innovation and create lasting change when given the necessary support and funding.
The Future is Female—And We’re Investing in It
While the numbers are concerning, they inspire us to take meaningful action. At HealthCap Africa, we are committed to being part of the solution—and we want you to join us.
We are extending an invitation to all female founders in healthtech and fintech: We want to hear your pitch! If you have a groundbreaking idea that can make a difference, now is the time to step forward.By investing in female-led ventures, we can work together to close the gender funding gap and foster a more inclusive entrepreneurial ecosystem. The future is bright for women entrepreneurs, but it requires collective action from investors and stakeholders alike.
For more on this topic, check out PitchBook’s report here.