Naspers and its subsidiary Prosus have announced the Tech FoundHER Africa Challenge, with plans to award equity-free grants totalling $100 000 (R1.8 million).
Targeted at women-led and tech-enabled start-ups across the continent, the challenge was originally piloted in India earlier this year.
It has now been launched in Africa to champion and support female founders in technology, says a Naspers statement.
Phuthi Mahanyele-Dabengwa, SA CEO and executive director of Naspers and Prosus, comments: “The Tech FoundHER Challenge is about closing one of Africa’s most urgent gaps in entrepreneurship − the lack of funding and visibility for women-led start-ups.
“Female founders are already proving they can build competitive, tech-enabled businesses that drive growth and innovation. What they need now is the capital, networks and market access to scale. By backing them, we are not only empowering individual entrepreneurs, but unlocking economic opportunities that will benefit entire communities and the continent at large.”
Mahanyele-Dabengwa has been vocal about the limitations early-stage and start-up business owners face, particularly those that are women-led and -owned.
In an interview with ITWeb TV last month, the Naspers SA CEO stressed the critical importance of the early-stage and start-up ecosystem for developing nations on the continent.
Mahanyele-Dabengwa said the world is not short of capital, but the issue is private equity funds and a need for venture capitalist investors. “People with start-up businesses struggle to raise capital, because the type of capital needed is not debt capital but real equity, or even grants for some businesses.”
TechCabal’s Insights and the Africa Growth Fund show that women-led start-ups receive less than 3% of venture capital funding, despite representing 26% of Africa’s entrepreneurs.
Explaining what the Tech FoundHER Challenge offers women founders, the Naspers statement highlights funding, mentorship and networks, expert feedback, as well as a platform and recognition.
Prajna Khanna, chief sustainability officer at Naspers and Prosus, comments: “For women founders to succeed, access, capability and visibility must come together. At Naspers and Prosus, we know strategic interventions are essential – and this challenge is designed to give proven women-led start-ups the platform, connections and confidence to scale sustainably.
“After a successful launch in India, we are thrilled to bring the Tech FoundHER Challenge to Africa, and unlock the extraordinary innovation and talent the continent has to offer.”
The company notes the challenge will be conducted in partnership with Lionesses of Africa, which is a fast-growing, 1.8 million-strong network of women entrepreneurs in Africa.
Applicants must be a start-up focused on tech or tech-enabled products, have at least one woman founder in a leadership position, be at or before Series B funding stage, and be revenue-generating with proven market traction. Submissions will be reviewed in two rounds by a panel of executives, investors and entrepreneurs.
According to Naspers, the six shortlisted finalists will showcase their ventures at the Johannesburg Stock Exchange on 19 November, where winners will be announced to coincide with Global Women’s Entrepreneurship Day.
To apply for the Tech FoundHER Africa Challenge, click here.
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