Scaling a startup requires capital to invest in technology, hire talent, and achieve product-market fit. Many entrepreneurs rely on investors to fund this vision, but female founders find it more difficult to secure capital compared to men due to systemic challenges including biases in venture capital decision-making and the limited number of female founders pursuing high-growth opportunities.
In 2024, female CEOs raised just $48 million—four times less than the previous year, according to the Big Deal. This is the lowest figure since 2019. In contrast, their male counterparts raised $2.2 billion.
Norrsken22, a growth fund that invests in African startups, has backed female-led companies across Africa including Credrails, a fintech company, led by Pauline Wanjiku Githugu, and Sabi, a Nigerian B2B e-commerce platform led by Anu Adasolum.
TechCabal spoke with Lexi Novitske, General Partner at Norrsken22, and Precious John-Adeyemi, Investment Analyst at Norrsken22, about the challenges of female entrepreneurs and bridging the funding gap.
This interview has been slightly edited for length and clarity.
What are the barriers female founders face in accessing funding?
Lexi: Networking. Everyone struggles with it but female founders often connect more within their circles, while the investment world is still very male-dominated.
Precious: Women start businesses in sectors that VCs often perceive as less scalable or less profitable. Even though these businesses leverage technology, they frequently operate in legacy industries such as consumer goods, education, or healthcare—sectors that, despite their economic significance, do not always fit the high-growth profiles favoured by VCs.
Additionally, limited access to networks makes it more challenging for women to establish relationships necessary for business growth. This is why we must be intentional and proactive in supporting female-founder-focused communities and programs. By fostering more inclusive networks and ensuring greater representation in funding and decision-making, we can help bridge this gap.
How would you say these challenges have evolved over the past five years?
Lexi: More women are leading funds and joining investment teams, which helps. The bigger shift? Investors have seen enough female-led companies scale and deliver serious returns, so the bias is tilting in a more positive direction. Success speaks louder than stereotypes.
Precious: Well, there has been progress in addressing these challenges. Gradually, we are seeing more recognition of the funding gap, leading to the rise of female-focused VC funds, accelerators, and grant programs. More investors are now tracking gender diversity metrics in their portfolios and making conscious efforts to back female-led companies. Norrsken22 is very proactive about it; we track the number of female-led startups that come in through our pipeline. And it’s hopeful to see a lot of VCs picking up on that as well.
What values do venture capital firms typically look for when evaluating startups and do you think it’s missing in female-led startups?
Lexi: VCs care about the fundamentals—unit economics, traction, market size, and scalability. Beyond that, we look for a team that can retain top talent, build strong governance systems (key for scaling big), and even sometimes the kind of ambition that makes profitability a later problem, not a new problem.
Precious: VCs evaluate startups based on several core factors, with the most essential being market size, execution capabilities, and exit opportunities. Another critical consideration is monetisation strategy, as investors seek clear and scalable revenue models. These factors are not inherently missing in female-led startups but may be perceived differently due to biases in the investment process. Addressing these biases is crucial for creating a more equitable investment landscape that fully recognises and unlocks the potential of female founders.
Are there specific financial or operational milestones that female founders should prioritise to increase their chances of securing funding?
Lexi: Same as for any founder—black, white, male, female, Ivy League, or self-taught. Show strong traction, repeat customer engagement, attractive unit economics, and predictable growth. No special playbook—just execute well.
Precious: Prioritise strong revenue growth, healthy unit economics, and a clear path to scalability. VCs look for businesses with consistent traction, high gross margins, and efficient customer acquisition & retention strategies. A clear path to exit (profitable exit) increases investor confidence, positioning the business as a high-potential investment opportunity.
What trends should female founders focus on to increase their chances of securing funding?
Lexi: We don’t chase hype, but real opportunities are out there—stablecoins making cross-border payments seamless, fixing fragmented supply chains, Pan-African banking, and the like.
Precious: AI is indubitably a major focus in the investment landscape right now. But beyond the LLMs, generative AI, and other headline-grabbing innovations, I believe the real opportunity lies in leveraging AI to drive efficiency, automation, and transformation in legacy industries. For example, in healthcare, AI can enhance diagnostics, personalise treatments, and streamline administrative processes, making healthcare delivery more accessible and cost-effective. That is something I would like to see.
What common mistakes should female entrepreneurs avoid when pitching to investors?
Lexi: One: Not being concise. Learn from existing pitch templates and nail a clear, compelling story. Two: Not knowing exactly how much money you need, what you’ll use it for, and the KPIs that will prove its worth.
Precious: Female founders should not be afraid to sell—not just their product, but their vision, their market opportunity, and their ability to scale. Too often, women pitch with a focus on operational excellence, risk mitigation, and sustainable growth, while male founders tend to emphasise bold ambitions, market dominance, and high-reward potential. Investors want to back businesses that can generate significant returns, and that requires founders to confidently articulate a big vision and the path to achieving it.
Selling isn’t just about revenue, it’s about convincing investors that the business has the potential to become an industry leader. This means owning the numbers, confidently projecting future growth, and making a strong case for why the company is the right bet. Women should embrace the same level of conviction, storytelling, and scale-driven thinking that often defines the most successful fundraising pitches. The ability to sell is not just a skill; it’s a necessity for securing capital and building high-growth businesses.
What resources or tools would you recommend to women entrepreneurs looking to improve their fundraising skills?
Lexi: Start local: Nigeria and major other African tech hubs have angel networks that are great for refining your pitch and prepping for tougher investor questions. Have solid processes in place but be ready to brainstorm and iterate. Most importantly, be upfront about what gaps still exist in your company. No one has it all figured out, and admitting that—while showing how you’ll solve it—is a strength.
Precious: Do not underestimate the power of community. There is so much value to be gained from a strong network effect. Communities offer more than just support, they provide a willing audience to pitch to, objective feedback to refine your fundraising strategy, and direct connections to investors who may otherwise be out of reach.
In Nigeria and across Africa, there is a growing ecosystem of female-founder-focused networks and broader founder communities that actively support women entrepreneurs. Platforms like FirstCheck Africa, She Leads Africa, and Women Who Build Africa create spaces for knowledge-sharing, mentorship, and investment opportunities.
Being active in these communities is not just about networking, it’s about building relationships, learning from others’ experiences, and ensuring you remain visible to potential investors. The best fundraising opportunities often come from warm intros within these circles. If you’re a female founder looking to raise capital, tapping into these networks should be a top priority.
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I am the CEO of 9JAGISTLAND.My name is Adedeji Timothy and my co-owner is Oyekola Damilare.This blog is born out of our passion to educating to people in all aspect of internet life.We are enthusiastic about writing posts and articles online.
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