In 2019, businesses with female leadership secured under 5 percent of all venture capital funding globally. Focusing on Africa, just 10 percent of West African startups that collectively garnered $1 million in funding over the last ten years included at least one female co-founder.

Numerous statistics demonstrate the insufficient representation of women in company creation, securing investment, and overall participation in the technology sector, where women comprise 28.8% of the global tech workforce.

Within a field largely dominated by men, initiatives designed to empower female entrepreneurs have begun to emerge, aiming to bridge existing disparities across various areas. However, many programs focused on female founders readily provide guidance and training, but often overlook the critical aspect of securing financial resources.

FirstCheck Africa, a new angel fund specifically for women, was launched recently with the intention of tackling this issue. The fund asserts that “addressing the challenges female tech entrepreneurs in Africa face when accessing capital requires a deliberate and female-driven strategy.”

FirstCheck Africa was established by Eloho Omame and Odunayo Eweniyi. Omame currently serves as the MD of Endeavor Nigeria, a program supporting high-growth entrepreneurs, while Eweniyi is the co-founder and COO of Piggyvest, a fintech startup based in Nigeria.

Omame’s background in working with founders and her experience with a venture capital firm (Amari Ventures), combined with Odunayo’s experience as a founder, will be instrumental in achieving FirstCheck Africa’s objectives: simplifying the process for African women to obtain funding and invest in the technology industry.

This year, the fund will allocate between $15,000 and $25,000 to six women in exchange for a small equity stake. FirstCheck Africa intends to support each woman or female-led team from the initial concept phase through to a substantial pre-seed funding round within a year.  

“We are confident that investing in women will yield strong, long-term returns, and we will be the first to invest in female founders and their earliest supporters. We are willing to invest at a very early stage in promising women,” reads a statement from the fund.

The fund also indicates its willingness to invest in teams with mixed-gender co-founders, provided that the woman is a genuine partner and decision-maker, holding a fair and significant share of the company’s equity.

Omame shared with TechCrunch that FirstCheck has already received over 600 applications from African female-led startups. She clarified that while only six will be chosen, FirstCheck is not in a rush to announce any deals, and is taking its time to evaluate the options.

“We have been open about our investment target of supporting up to six women-led, technology-focused businesses this year,” she stated. “Beyond that, neither Odun nor I have any desire to quickly announce deals. The work we are doing is important and necessary, but it will require time.”

Considering this, supporting six startups in its inaugural year is an ambitious goal. For comparison, Microtraction, an established early-stage VC firm, invested in seven startups last year. To reach this goal, FirstCheck will need to attract backing from both local and international investors who are committed to closing the gender funding gap in Africa. Omame confirms that this process is already underway, though she did not provide specific details about the fund’s fundraising target.

Furthermore, FirstCheck will cultivate a community of female investors interested in supporting startups through smaller investments. The aim is to provide women across the continent with opportunities to invest at levels they are comfortable with. And for African female entrepreneurs seeking pre-seed and seed funding, the launch of FirstCheck expands their available options.

The firm now joins Rising Tide Africa and Dazzle Angels, based in South Africa, as one of the limited number of angel funds specifically targeting African female-led startups.