Five35 Ventures has secured an anchor commitment from the Mastercard Foundation Africa Growth Fund. The investment will help the gender-lens investor to support women-led startups across Africa.
Five35 Ventures, a pan-African female focused early-stage venture capital fund, said it has received an anchor commitment from the Mastercard Foundation Africa Growth Fund (MFAGF). The new investment will allow the fund to expand its reach across East, West and Southern Africa.
Five35 invests at the early stages of company growth, where access to capital remains limited, particularly for women founders. The fund said it has attracted over $75m (€63.8m) in investments and supported the creation of more than 1,400 jobs across the continent. To date, it has invested in 16 tech-enabled companies across sectors such as fintech, agriculture, health, logistics and climate solutions.
The MFAGF, managed by Mennonite Economic Development Associates (MEDA), is a $200m fund-of-funds focused on equity with a gender lens, which helps give young people and women in Africa better access to investments.This investment aligns with MFAGF’s mission to expand gender-lens investing by supporting Africa-based fund managers who combine sector expertise with local market knowledge.
Five35’s general partner Fatou Touré said the new commitment would allow the fund to o “deepen engagement with founders and expand reach across East, West and Southern Africa”, adding that the support goes beyond capital and reflects growing confidence in African fund managers.
Dorothy Nyambi, president and CEO of MEDA, said Five35’s track record in supporting women-led and women-focused businesses was a key factor in the partnership. “Its portfolio shows clear evidence of growth, capital mobilisation and job creation,” she said.
Five35 previously broadened its investor base through the 35’er Club, an initiative with the aim of opening the door for first-time female investors by lowering the barriers to entry and enabling more women to participate in venture investing.
Additional funding from Cisco also enabled the firm to expand its operational capacity. Looking ahead, Five35 said it will use the investment to grow its portfolio and expand partnerships with accelerators, ecosystem builders and policymakers.
