Five women-led tech start-up founders from across Africa have secured equity-free grants totalling over $100 000 in funding during the second edition of the Naspers-Prosus Tech FoundHER Africa Challenge finale.
With the final held in Johannesburg, South Africa, yesterday, the contest is run in partnership with Lionesses of Africa, a network of 1.8 million women entrepreneurs across the continent.
The aim of the competition is to address the difficulties faced in accessing capital – something many African women entrepreneurs face. It is estimated that female entrepreneurs in the region experience a $42 billion funding gap, representing both an economic constraint and, if addressed, an opportunity for GDP growth and job creation across the region.
Africa’s digital economy is projected to reach $180 billion this year, and women entrepreneurs can play a key part in unlocking that growth. Yet only a small share of venture funding flows to female-led start-ups, highlighting the need for such targeted initiatives, the organisers say.
Beyond the cash prize, the winning companies gain mentorship from experienced investors and entrepreneurs within the Naspers and Prosus ecosystem, connections to institutional investors, and support navigating business development across African markets.
With 1 163 applications from tech founders across the diaspora, the organisers shortlisted ten finalists, who were from South Africa, Nigeria, Kenya, Ghana, and the Democratic Republic of Congo.
The finalists operate across different sectors including agritech, healthtech, climate tech, fintech, artificial intelligence (AI) and sustainable manufacturing.
Kenya’s Farmer Lifeline Technologies won first place. The company’s CEO and founder, Esther Kimani, told ITWeb Africa that the recognition presents a wider scope for growth and other opportunities.
“We’re grateful for the cash prize and the networking opportunities we’re receiving through the organisers. It means a lot for women and for Kenya; it shows that our tech ecosystem is growing.”
Prajna Khanna, chief sustainability officer and vice president at Prosus and Naspers told ITWeb Africa that the continent has the highest percentage of women entrepreneurs in the world, as such it was crucial to expand the tech competition to Africa.
She said: “For us, it was a no-brainer to bring the Tech FoundHER Challenge to Africa, because we knew we would find women entrepreneurs who are solving for environmental, social, and community needs through tech solutions. We were proven right.”
The challenge Africa leg of the challenge builds on a successful contest run in India, which took place May.
Looking ahead, Khanna said there are aspirations to take the contest to the rest of the world, however, she emphasised the need to constantly bet on African solutions.
“In the future, we really hope to take Tech FoundHER to other parts of the world, but also double down on our commitment to the African entrepreneurs, the African women tech founders; to help them access new capital sources, achieve more successes through mentorship, and through capital. From what we saw from the pitches today, Africa’s tech landscape is in safe hands,” she said.
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