Female entrepreneurs receive just a fraction of the available capital in private markets, and in Africa, the gap is especially stark. In 2024, female founders on the continent secured only 2% of total venture funding, the lowest level since 2019. Women-led startups raised just $48 million, while their male counterparts raised nearly $2.2 billion during the same period. This discrepancy exists despite mounting evidence that female-led businesses are not only viable, but they also often outperform. According to McKinsey, closing gender gaps in Africa’s workforce could add $316 billion to the continent’s GDP by 2025.

Lilian Mramba is Regional Director, Africa at Grassroots Business Fund, where she manages the investment portfolio, business advisory, and impact measurement activities. She spoke to us about the gender finance challenges and opportunities on the continent in the wake of COVID, and the need for more rigorous analysis to prevent ‘genderwashing’.

Marco Serena is the Group Head of Sustainable Development at the Private Infrastructure Development Group (PIDG), which designs and invests in infrastructure projects across emerging markets. Marco’s remit is to oversee the early stage impact assessment of all PIDG investments, and to deepen sustainable impact including on gender and climate. He spoke to us about the challenges and learnings from PIDG’s work to date, and what’s on the horizon for gender-smart infrastructure investments.