Gender Gap & Number of Founders in African Startup Funding (H1 2024)

In H1 2024, African startup funding experienced a notable decline, yet the ecosystem remains resilient with countries like Kenya, Nigeria, Egypt, and South Africa continuing to secure significant investments. Funding by gender unveils interesting trends. Startups with male-only founders captured a staggering 92% of the disclosed funding, amounting to US $532.9 million. Meanwhile, startups with both male and female co-founders secured 8% of the total, raising US $46.4 million, and all-female founding teams raised a minimal US $1.4 million, less than 1% of the total funding pool.

Another important trend is that startups with multiple founders performed considerably better in raising capital. These teams secured US $425 million, which accounts for 73.2% of total funding, compared to startups with a single founder, which raised only US $155.7 million (26.8%). This suggests that investors might be favoring the stability and diverse skill sets of teams over individuals.