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  Female startup founders in Nigeria are in dire need of venture capital firms that will commit to funding them. Here’s why: Only 7% of African startups funded by investors in 2023 were led by women. In 2024, that percentage of Female-Led Startups fell to an abysmal 1%, with 5.5% going to founding teams comprising males and females. About 95.5% of investments were received by teams led solely by males.
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Unless this gap is addressed, we risk discouraging female participation in the ongoing tech revolution. A few institutions are doing their part to level the playing field. They are supporting female founders and entrepreneurs with the funding, technical and moral support they need to compete favourably in their industry. Our article spotlights some of these impact-driven investors.

FirstCheck Africa

FirstCheck Africa is a VC firm that backs female-led startups on the continent. Its cofounders are Eloho Omame, a seasoned Venture Capitalist who is also a partner at TLcom; and Odunayo Eweniyi, a serial entrepreneur known for co-founding PiggyVest. Established in 2021, FirstCheck Africa now caters to tech companies in Nigeria, Egypt, South Africa, and Kenya. The sectors it targets are financial services, retail and e-commerce, education, and healthcare. This VC invests in pre-seed and seed stage startups with at least one female founder or cofounder. At this time, its portfolio includes startups like Cleva, Pivo, and HealthTracka. Thus far, FirstCheck has raised $12 million in a debt fund. In 2022, it set out to invest up to $250,000 as “high conviction first checks” into female-led startups.

Aruwa Capital Management

A growth equity firm based in Lagos, Aruwa Capital, states an uncompromising commitment to enabling the success of businesses founded or co-founded by women. Aruwa Capital was launched in 2019 by Adesuwa Okunbo Rhodes. She had previously worked at Lehman Brothers and JPMorgan Chase (in London) and then at TLG Capital and Syntaxis Africa (both Africa-focused). The companies that qualify for investment from Aruwa Capital typically provide goods and services that cater to women, and are staffed by a diverse team. Its portfolio currently has businesses in retail, healthcare, FinTech, CleanTech, and consumer goods. Aruwa Fund I pooled $20 million in investments from institutional investors. In 2023, it launched Fund II, aiming to raise $40 million to take advantage of opportunities in overlooked sectors of the economy.
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Janngo Capital

Jannago Capital is a pan-African VC firm that invests in startups operating in either Francophone or Anglophone countries on the continent.  Its Founder and Executive Chair is Fatoumata Ba, who was the only female cofounder of Jumia. As a VC with a clear agenda for female inclusion in the world of tech, Jannago Capital invests between $50,000 and $5 million in startups offering solutions in healthcare, financial services, or education. It also has a strong bias for businesses that create jobs for women and youth. According to Jannago Capital, about 56% of its portfolio under its first fund is female-founded and led. It says that 50% of the beneficiaries of its new fund will be female-founded or co-founded, or primarily serve women. If you would like to contact Jannago Capital, you can do so via their website.

EchoVC Partners

EchoVC Partners invests in women, underrepresented founders, and underserved markets (including Africa). This focus is partly borne out of the experience of its founder and General Partner, Eghosa Omoigui, who worked at Intel Capital for a decade. The boldness of its vision is clear: it wants to be “the Sequoia Capital for underestimated founders and markets”. The breadth of its current portfolio hints at this grand plan. It’s invested in health and human services, FinTech, media and entertainment, commerce, access to energy, and sustainable mobility, among other segments. Thus far, EchoVC has deployed more than $41 million to startups in four continents. This reach is partly due to its physical presence in Africa, the United States, and the United Kingdom. You can submit your pitch to EchoVC via its website. There’s a brief description of its evaluation and selection process as well, to help you prepare.

WEAV Capital

The Women’s Enterprise Acceleration Vehicle (WEAV) backs female founders who are building in one of three industries: future of climate, future of finance, and future of work. WEAV Capital focuses on seed-stage ventures. This investor says it takes a hands-on approach to evaluation and support, and only backs startups based on its team’s conviction. There’s an emphasis on impact and sustainability, especially with respect to long-term viability, benefits for women, and preservation of the environment. Nigerian startups that have been funded by WEAV include Lingawa, a language learning platform, and Agriarche, which is digitizing the agricultural process.
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Final Words

If you are a founder or team member at a female-led startup and you’ve struggled to secure funding, you should consider pitching to the venture capital firms we’ve listed here. These tend to be more considerate of tech entrepreneurs who are women than other regular VCs. Hopefully you’ll win them over to your cause.
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This article was first published on 3rd April 2025
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ikenna-nwachukwu

Ikenna Nwachukwu holds a bachelor's degree in Economics from the University of Nigeria, Nsukka. He loves to look at the world through multiple lenses- economic, political, religious and philosophical- and to write about what he observes in a witty, yet reflective style.

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