Africa’s first and largest gender lens fund, Alitheia IDF (AIF), has secured a spot as a finalist for the Impact Fundof the Year at the 2024 Krutham Africa Impact Investment Awards. This recognition follows AIF's notable success in December 2023 when the fund was nominated for and won the 'VCFund of the Year' at the SuperReturn Africa 2023 Awards.
Research on gender disparities in entrepreneurship and access to capital further underscored the need to prioritize investments in women-led and gender-diverse businesses. The Africa Development Bank (AfDB), for instance, notes that there is over $42 billion investment gap between male and female entrepreneurs. While other reports show that women receive less than 5% of total private capital investments. Even though women account for 58% of Africa's self-employed population and contribute around 13% of the continent's GDP. Meanwhile, McKinsey research shows that that Africa could gain $316 billion in GDP by 2025 if the gender gap is bridged.
AIF’s commitment to supporting women-led, women-serving, and gender-diverse businesses has earned it a well-deserved place for this award. The fund has invested over $57 million in African women to catalyse the economic power of women as producers, distributors, and consumers. AIF, through its investments, has created 9.5 million jobs (66% or 6.27 million being for women) – in other words, 6 out of every 10 jobs created are directed at women through the fund’s intentionality and intervention.
Research on gender disparities in entrepreneurship and access to capital further underscored the need to prioritize investments in women-led and gender-diverse businesses. The Africa Development Bank (AfDB), for instance, notes that there is over $42 billion investment gap between male and female entrepreneurs. While other reports show that women receive less than 5% of total private capital investments. Even though women account for 58% of Africa's self-employed population and contribute around 13% of the continent's GDP. Meanwhile, McKinsey research shows that that Africa could gain $316 billion in GDP by 2025 if the gender gap is bridged.
AIF’s focus on investing in women-led and gender-diverse businesses has empowered women entrepreneurs and contributed to gender equality in entrepreneurship. Ten companies in AIF’s portfolio are women owned businesses, with 35% women in management. AIF portfolio companies have expanded their operations (including launching factories to boost local manufacturing and import substitution) and created employment opportunities for women in rural communities.
The fund stands out for its unwavering dedication to empowering women entrepreneurs and promoting gender diversity in business. Its portfolio includes a diverse range of companies that are making significant strides in driving positive change across Africa.
The winners of the 2024 Krutham Africa Impact Investment Awards will be announced atthe Africa Impact Summit in Nairobi on July 18, 2024.
