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Five35 Ventures Secures Strategic Investment to Boost Female-Led Tech Startups Across Africa
New Capital Injection from MEDA Mauritius Foundation Strengthens Pan-African Fund
Five35 Ventures, a venture capital fund dedicated to supporting female-focused technology startups at seed and Series A stages across Africa, has recently obtained a significant, though undisclosed, anchor investment from the Mennonite Economic Development Associates (MEDA) Mauritius Foundation. This foundation manages the Mastercard Foundation Africa Growth Fund (MFAGF), a $200 million fund-of-funds aimed at financing SMEs and early-stage ventures throughout Sub-Saharan Africa. In 2022, Five35 was actively pursuing a $30 million fundraising target to scale its impact.
Expanding Reach and Deepening Impact in Underserved Markets
The fresh capital will empower Five35 Ventures to broaden its portfolio of women-led startups across East, West, and Southern Africa. The fund plans to strengthen collaborations with accelerators and ecosystem enablers, focusing particularly on the critical funding gap between pre-seed and scaling phases-a stage where many female entrepreneurs still encounter significant financial barriers.
Joining an Exclusive Network of MFAGF-Backed Funds
Five35 joins a select group of venture funds, including Sahel Capital, that have attracted investments from the MFAGF under MEDA Mauritius Foundation’s stewardship. This partnership highlights a growing trend of purpose-driven capital flowing into African fund managers who combine deep local knowledge with sector expertise, particularly in supporting women-led enterprises.
Leadership Committed to Integrity and Sustainable Growth
Hema Vallabh, founding partner of Five35 Ventures, emphasized the firm’s commitment to principled investing: “Our mission has always been to build a firm grounded in integrity, discipline, and measurable results. We carefully select ventures that exhibit clear traction and transparency, holding ourselves to the highest standards. This approach fosters investor trust and lays the groundwork for enduring success.”
Track Record of Supporting High-Impact Startups
Since its inception in 2022, Five35 has invested in a diverse array of African startups, including Rwandan e-commerce platform Kasha, Kenyan transportation innovator BuuPass, Nigerian health-tech company RxAll, and South African talent marketplace Zindi. To date, the fund has supported 16 portfolio companies that collectively have created over 1,400 jobs and attracted upwards of $75 million in subsequent funding rounds.
Investment Structure and Value-Added Support
Five35 offers early-stage startups seed funding up to $500,000 through Simple Agreements for Future Equity (SAFEs), which convert into equity at discounted rates or capped valuations during subsequent financing rounds. For Series A rounds, investments can reach up to $2 million. Beyond capital, startups gain access to a robust global advisory network, extensive mentorship from African and international partners, and introductions to institutional investors to facilitate growth.
Combining Capital with Capacity Building and Network Access
The fund’s unique model integrates financial investment with strategic capacity-building initiatives, connecting founders to vital networks that accelerate their journey from early-stage to scale. A key focus remains on empowering female entrepreneurs and first-time female investors through programs like the 35’er Club, which aims to dismantle barriers for women entering the venture capital space.
Strategic Partnerships Enhance Ecosystem Support
Five35 has also benefited from partnerships with global technology leaders such as Cisco. In 2023, Cisco expanded its engagement by collaborating with WomHub-an organization linked to Five35’s co-founder Hema Vallabh-to establish incubation hubs and innovation centers dedicated to women-led STEM and tech enterprises. This alliance has bolstered Five35’s operational capabilities, enabling deeper support for early-stage startups and enriching resources available to its portfolio companies.
Aligning with MFAGF’s Vision for Inclusive Growth
The investment aligns seamlessly with the MFAGF’s broader strategy of backing African fund managers who combine sector expertise with local insights, while expanding opportunities for women-led ventures. Dr. Dorothy Nyambi, President and CEO of MEDA, highlighted the significance of this partnership: “Five35 exemplifies how mission-driven investing can generate tangible results. By supporting women entrepreneurs early and enhancing governance, they are transforming the narrative around female-led businesses in Africa-driving company growth, attracting follow-on capital, and creating scalable employment.”
