Naspers launches Tech FoundHER Africa
Naspers and Prosus have introduced the Tech FoundHER Africa Challenge to provide resources and funding for women-led technology startups operating on the continent. The program follows a pilot initiative in India and targets a significant funding disparity that sees female entrepreneurs running about 26% of African businesses while receiving under 3% of venture capital investment. Bridging this $42 billion gap could generate as much as $316 billion in additional GDP, according to research cited by the companies.
Three equity-free grants worth a combined $100,000 will be awarded to selected founders, who will also gain mentorship access, networking connections, and business exposure. Six finalists will pitch their ventures at the Johannesburg Stock Exchange, with winners to be determined following application reviews conducted in partnership with Lionesses of Africa, a network representing 1.8 million women entrepreneurs.
Startups qualify if they feature at least one woman in a leadership role, operate at or before Series B funding, and demonstrate revenue generation with market traction. Phuthi Mahanyele-Dabengwa of Naspers and Prosus said the initiative seeks to provide female founders with essential tools for scaling their operations across communities.
