Naspers and Prosus Unveil $100K Tech FoundHER Africa Challenge to Empower Women in Tech
Naspers and Prosus, global investment powerhouses, have officially launched the Tech FoundHER Africa Challenge, extending a significant opportunity to women-led tech and tech-enabled startups across the African continent. Following a successful pilot program in India earlier this year, this initiative underscores the companies’ deep-seated commitment to fostering innovation and championing female entrepreneurs in the technology sector. This $100,000 challenge aims to provide critical support and visibility to groundbreaking ventures, addressing a crucial need in the African startup landscape and inviting applications from eligible businesses.
Addressing Africa’s Female Founder Funding Gap
The launch of the Tech FoundHER Africa Challenge comes at a critical time, directly confronting the substantial disparity in funding that women-led businesses face within the African tech ecosystem. Recent research by TechCabal Insights and the Africa Growth Fund reveals a stark reality: despite women constituting 26% of Africa’s entrepreneurs, their startups receive less than 3% of all venture capital funding. This severe underfunding creates an estimated $42 billion gap. If this gap were to be successfully closed, experts project it could unlock an impressive $316 billion in GDP growth for the continent. Phuthi Mahanyele-Dabengwa, South Africa CEO and Executive Director of Naspers and Prosus, articulated the core mission of the program, stating, “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 startups. Female founders are already proving that they can build competitive, tech-enabled.” Her words highlight the immense, often untapped, potential within Africa’s female entrepreneurial community and the strategic importance of this challenge in empowering them to scale their innovative solutions.
By bringing the Tech FoundHER Challenge to Africa, Naspers and Prosus are not merely offering crucial funding; they are actively working to dismantle barriers and foster an inclusive ecosystem where female founders can truly thrive. This initiative is a powerful statement about the belief in the capabilities of African women entrepreneurs and their pivotal role in driving economic growth and technological advancement across the continent. It serves as a beacon of hope and opportunity, inviting eligible women-led tech startups to step forward and seize the chance to transform their visions into reality, ultimately contributing to a more equitable and prosperous future for Africa.
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