Funding for women-led
Companies founded solely by women received $52 million in funding, representing 31% of all funding dollars allocated last year, according to the report.
"This is a dramatic increase over the $2 million in funding that went to women-founded companies in 2022, which represented only 1.4% of all investment," it said.
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Even though funding for health techs slowed by 2% from the previous year, that is compared with the 39% decline in money raised by African technology firms. Kasha, Dawi Clinics, Chefaa and Maisha Meds were among the female-led techs that attracted the most funds in 2023, with the seven-year-old Kasha raising as much as $21 million of Series B funding, the largest investment yet in a female-led African health-tech company.
"The increased funding for women founders is a high point and, in coming years, investors must prioritize sustaining strategies that ensure equitable funding across founders," said Yomi Kazeem, engagement manager at Salient Advisory.
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The number of agreements in African health tech rose 17% year-over-year to 145, with an average deal size of $1.1 million, which represented a 15% drop when compared to the year before, according to the report.
In total, 114 companies received funding in 2023, with 23 receiving multiple investments during the year. Investments in online pharmacy solutions captured 38% of all funding in 2023. Nigeria, Kenya, and Egypt received the most funding on the continent.
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While funding for Francophone Africa-based innovators remained low, it grew from $5.8 million in 2022 to $9.6 million in 2023, driven by deals for Susu and Waspito.
