A new analysis reveals a stark decline in funding for female-led and female-founded startups in Africa in 2024, reaching an all-time low since data collection began in 2019.
According to reports by Africa:The Big Deal, female Chief Executive Officers (CEOs) attracted a mere $48 million in funding throughout the year, a dramatic decrease of more than four times compared to 2023.
In contrast, male CEOs secured nearly $2.2 billion in funding.
This represents a mere 2% of the total invested in 2024, the lowest share ever recorded.
“There is no way to sugarcoat this: 2024 has been abysmal when it comes to the representation of female-led and female-founded ventures in start-up funding,” the report noted. “The title of one of my early 2021 analyses on gender – ‘Crumbs, basically.’ – sadly comes to my mind…”
The analysis also highlights the stark underrepresentation of women in founding teams with only $123 million going to gender-diverse founding teams, and a paltry $21 million to solo female founders or all-female founding teams.
In comparison, solo male founders raised $430 million, and all-male founding teams a staggering $1.6 billion.
“These figures are deeply concerning,” continued the report. “They demonstrate a systemic bias that continues to hinder the growth and success of female entrepreneurs in Africa.”
Key Findings in Numbers:
- Female CEOs: $48 million in funding (2% of total) in 2024, down significantly from 2023.
- Male CEOs: $2.2 billion in funding in 2024.
- Gender-Diverse Teams: $123 million in funding (5.5% of total).
- Solo Female/All-Female Teams: $21 million in funding (1% of total).
- Solo Male/All-Male Teams: $2.03 billion in funding (95.5% of total).