Gender Disparity in Leadership: The Scarcity of Female CEOs Among Africa’s Top-Funded Startups
In the world of African startups, finding a venture with a female CEO among the top-funded companies is a rare occurrence. The landscape is overwhelmingly dominated by male-led ventures. In fact, every one of the Top 10 startups in terms of total funding raised since 2019 is led by a male CEO. Furthermore, all African startups that have raised more than $100 million during this period are currently headed by men.
There is, however, one notable exception: Gro Intelligence. In January 2021, this deeptech company co-founded and led by Sara Menker made waves when it secured an $85 million Series B round. This remains the largest funding round ever raised by a female-led startup in Africa. Sadly, Menker stepped down earlier this year, with James Cariello replacing her as CEO. Rumors have since surfaced that Gro Intelligence may be facing closure.
When looking further down the list of startups that have raised $50 million or more, two female-led ventures emerge. At #40 is Nigerian logistics startup Sabi, co-founded by Anu Adasolum in 2021. Adasolum, who had previously worked with Rensource, now serves as Sabi’s CEO. Under her leadership, Sabi raised $38 million in a Series B round in May 2023, with the company’s valuation rumored to exceed $300 million.
The next female-led company is Cape Bio Pharms, ranked #44. This biotech venture, led by Belinda Shaw, is a spin-off from the University of Cape Town aimed at commercializing innovations from its biopharming lab. Cape Bio Pharms secured over $50 million in grant funding back in 2020, although there have been no reports of additional fundraising since.
Unfortunately, no other female-led ventures have made it into Africa’s Top 100 startups in terms of funding raised. One deserving mention is Lori Systems. From mid-2021 to early 2023, Uche Ogboi, formerly the COO, served as CEO of the logistics company after replacing founder Josh Sandler. Ogboi’s tenure came to an end earlier this year.
The stark absence of female CEOs in Africa’s top-funded startups highlights the significant gender disparity in leadership roles across the continent’s entrepreneurial ecosystem. While female-led companies like Sabi and Cape Bio Pharms are making strides, the gap remains wide, underscoring the need for more inclusive support for female entrepreneurs in Africa.
Source: Africa: The Big Deal
