According to the World Bank, male-owned companies receive six times more capital on average than female-owned firms. The funding gap between male and female entrepreneurs in Africa is put at about $42 billion by the Africa Development Bank.
In 2019, 98 African startups raised at least $1 million from investors but only 13 of those startups were founded by women. Since 2010, only 10% of West African startups founded by women have raised up to $1 million.
One explanation for these numbers is that there are not enough women to fund; if there are fewer girls than boys in STEM classes and fewer female engineers at startups, fewer women than men will be in boardrooms pitching to investors.
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