In 2019, companies led by women Received less than 5% Global venture capital. Only bring it to Africa 10% of West African start-ups that Cumulatively At least one female co-founder of the $1 million raised in the past ten years.
There are many statistics to prove that women are underrepresented in Establish a company, raise funds and fully participate in the technical field, 28.8% of global technical staff are women.
In male-dominated fields, programs aimed at supporting female entrepreneurs have emerged to close the gap in all aspects.. However, for those centered on female founders, most people quickly provide guidance and training, but often ignore the importance of raising funds.
FirstCheck AfricaThe female-centered angel fund established yesterday, hoping to meet this challenge. According to the fund, “fixing capital visits for African female tech entrepreneurs requires a conscious, female-led approach. “
FirstCheck Africa Founded by Elojo Omam with Haruna Evanni. Omame is struggle Nigeria, The program is for influential entrepreneurs, and Eweniyi is the company’s co-founder and chief operating officer Piglet, A Nigerian fintech startup.
Omame’s experience in working with founders and managing venture capital companies (Amari Ventures) and Odunayo as a founder will be critical to what FirstCheck Africa hopes to achieve: making it easy for African women to raise funds and invest in technology.
The fund will provide six women with $15,000 to $25,000 this year in exchange for a moderate amount of equity. FirstCheck Africa plans to allow every female or female-led team to enter an important seed round in the conception stage within 12 months.
“We know that by investing in women, we can generate considerable long-term returns. Therefore, we will write the first check for female founders and become their earliest believers..We are not afraid of investment Ridiculous Excerpts from the Statement of “The Early Great Women”statement read.
The fund also made it clear that it is willing to invest in a hybrid co-founder team with at least one woman. But it should be noted that “only if the woman is the true partner and decision maker, and has great significance, fair Distribution of founder’s equity. “
Omame told TechCrunch that FirstCheck has received more than 600 applications from African female-led startups. But she repeatedly said that there are only six meetings Selected, When asked how long the company hopes to write the first check, FirstCheck is not in a hurry to announce the transaction.
She said: “We have been transparent in our investment goals, because we will support six women-led and technology-driven companies this year.”. “Other than that, Odun and I have little interest in rushing to announce the deal. The work we are doing is important and necessary, but it will take time.”
Think about it, supporting six startups in the first year is an impressive goal. For context, Microtraction, an established early-stage venture capital company, Invested in 7 startups last year. to To do this, FirstCheck will need the support of local and international investors who are interested in closing the gender funding gap on the continent. Omame did not provide specific information on how much money the fund raised, he said this is already happening.
In other words, FirstCheck will create a female-led investor community for women interested in supporting startups by writing smaller checks. The idea behind this is to create opportunities for women across the African continent to invest at a more comfortable level. And fOr African female entrepreneurs who need pre-seed and seed funding, the launch of FirstCheck is good for their selection of talents.
The company now joins Rising Tide Africa and South Africa-based Dazzle Angels, one of the few angel funds targeting start-ups led by women in Africa.
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