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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.
Related Report
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Investing in Egypt’s Startup Ecosystem
Micro, Small and Medium Enterprises contribute over 40% to Egypt’s economy, and account for over 75% of the country’s total employment. Entrepreneurship is critical to Egypt’s future. Today, Egypt consistently ranks as a top 3 tech startup ecosystem in both the MENA and Africa regions, based on funds raised by local startups. In this special report, we speak to the most active investors in Egypt and cover some of the country’s most successful startups to give you an inside scoop on how they are navigating the current VC winter, inflationary pressures and currency devaluation woes.
