The African startup ecosystem continues to attract significant global attention, with more than 2,200 startups raising over $100 million in funding since 2019. However, a closer inspection of the most funded startups in Africa reveals a stark gender imbalance, particularly at the highest levels of leadership.
According to recent data from Africa: The Big Deal, only 3 out of the Top 100 most funded African startups currently have women at the helm as CEOs. These companies—Andela, Sabi, and Cape Bio Pharms—are among the few exceptions in an otherwise male-dominated list. Women have led Andela, Sabi, and Cape Bio Pharms since their inception, but only one woman, Carrol Chang, was appointed CEO of Andela in August 2024, after the company’s rapid growth and development under the leadership of its co-founders.
While this represents a breakthrough for female leadership in the African startup scene, the numbers are still disheartening. Three additional companies—Gro Intelligence, Kobo360, and Lori—have had women CEOs in the past. However, these positions were temporary, with women being replaced or transitioning out of the role within a few years.
The Gender Imbalance in Startup Founding Teams
The gender disparity is not confined to just the top-level executive positions. Across the Top 100 most funded startups, only 16 companies boast a gender-diverse founding team. A staggering 84 of the Top 100 startups were founded by either a solo male founder or an all-male founding team, reflecting a pattern that is pervasive across the African tech and entrepreneurial ecosystem.
Interestingly, the majority of these successful startups were co-founded by teams. A vast 88% of these Top 100 companies were founded by multiple individuals, with the sweet spot being duos (50 out of 100), followed by trios (35 out of 100). It’s worth noting that, despite the team-oriented nature of successful startups, the trend of male-dominated teams persists.
None of the startups in the Top 100 were founded by an all-female team or a solo woman founder. This is significant, especially given the rapidly evolving conversation about women in entrepreneurship and leadership positions.
A Diverse Range of Founders, But Limited African Representation
Another important conversation in the African startup landscape revolves around the representation of local vs. expat founders. While the data doesn’t explicitly categorize the exact percentage of African vs. non-African founders in the Top 100, the study estimates that 68 CEOs of the most funded startups could likely be considered ‘African,’ defined as either nationals of African countries or individuals with significant African heritage. This suggests that while African-born entrepreneurs are making significant strides in the startup space, a large number of these ventures are still led by expats or individuals with non-African backgrounds.
The issue of representation has sparked discussions on how to foster a more inclusive entrepreneurial ecosystem, one that nurtures local talent and recognizes the need for greater diversity in the top leadership roles.
The Path Forward: A Call for Change
The gender and diversity gaps in Africa’s most funded startups highlight a pressing need for systemic change. The startup scene is evolving rapidly, with increased investment flowing into African tech ventures. But as these companies scale, there is a growing demand for more diverse leadership that reflects the society it serves. For women entrepreneurs and executives, the pathway to the C-suite remains arduous but not impossible.
The next step in Africa’s startup ecosystem should focus on fostering gender equality in leadership positions, providing more support and resources for female founders, and creating an inclusive environment for all types of entrepreneurs. As more attention is directed towards these challenges, there is hope that the future of Africa’s most successful startups will include a more balanced representation of gender and diverse leadership at the top.
