Five35 Ventures, a pan-African venture capital fund dedicated to female-focused tech startups, has secured a significant anchor investment from the Mastercard Foundation Africa Growth Fund (MFAGF). This strategic backing, managed by the Mennonite Economic Development Associates (MEDA), will accelerate the fund's mission to empower women entrepreneurs across the continent. The investment marks a pivotal moment for gender-lens investing in Africa’s burgeoning tech ecosystem.
A Strategic Investment for Female Founders
The undisclosed funding will enable Five35 to expand its portfolio across key regions, including East, West, and Southern Africa. It will also deepen collaborations with accelerators and ecosystem partners to better support founders. This capital injection specifically targets the critical, underfunded gap between the pre-seed and scale-up stages, where many female entrepreneurs face significant barriers.
The MFAGF is a $200 million fund-of-funds designed to back investment vehicles that finance small and medium-sized enterprises in Sub-Saharan Africa. Its support for Five35 aligns with a core mission to champion Africa-based fund managers who blend sector expertise with local context. This partnership underscores the MFAGF's commitment to expanding the pipeline for promising women-led ventures across the continent.
A Proven Model of Purpose and Performance
Since its inception, Five35 has built an impressive portfolio of sixteen companies spanning fintech, agriculture, health, and climate innovation. These ventures have collectively generated over 1,400 jobs and attracted more than $75 million in follow-on funding. This track record includes notable startups like Kasha, BuuPass, and RxAll, demonstrating the fund's ability to identify and nurture high-growth businesses.
Hema Vallabh, founding partner at Five35 Ventures, emphasized the firm's commitment to a disciplined and transparent investment approach. "From the outset, our goal has been to build an investment firm defined by integrity, rigour, and results," she stated. This focus on strong governance not only strengthens investor confidence but also establishes a foundation for sustainable, long-term performance.
Dr. Dorothy Nyambi, president and CEO of MEDA, praised Five35 for its ability to unite purpose with performance. She noted that the fund is rewriting the story of women entrepreneurs in Africa by providing early backing and strengthening governance. "It’s turning that conviction into real outcomes, growing companies, attracting follow-on capital, and creating jobs at scale," Nyambi affirmed.
Beyond Capital: An Ecosystem Approach
Five35’s investment model provides crucial early-stage capital, offering up to $500,000 through SAFEs and up to $2 million at the Series A stage. Beyond funding, portfolio companies gain access to a global advisory network and introductions to institutional investors. This comprehensive support system is designed to help startups navigate the complexities of scaling their operations effectively.
The firm operates as both an investor and a connector, pairing capital with capacity-building initiatives to bridge the gap between founders and investors. Its connected ecosystem provides acceleration, capability development, and access to vital networks for early-stage companies. This includes programs like the 35’er Club, which aims to lower barriers for women looking to participate in venture investing.
This new partnership builds on previous support from major players like the US tech firm Cisco. In 2023, Cisco deepened its engagement through a collaboration with WomHub, an organization affiliated with Five35's co-founder. This prior backing helped strengthen Five35’s operational capacity, expanding the resources available to its growing portfolio of startups.
This anchor investment from the Mastercard Foundation Africa Growth Fund represents a significant validation of Five35 Ventures' model and a powerful catalyst for female entrepreneurship in Africa. The partnership highlights a growing movement towards impact-driven investing that successfully balances commercial returns with systemic social change. Ultimately, this collaboration is set to create new pathways for women-led ventures to thrive and shape a more inclusive African tech ecosystem.