As Women’s Month gains momentum, the focus turns to women-led startups and the persistent challenges they face in access to funding, markets and meaningful ecosystem support. At a recent event co-hosted by the Mineworkers Investment Company (MIC) and Grindstone Ventures, the discussion centred on the unconscious biases that continue to hinder women entrepreneurs in their pursuit of venture capital (VC).
Unconscious Bias Limits Access to Capital
While often perceived as a local issue, the struggle for funding is a global one. TheWorld Economic Forum reported in 2023 that the total finance gap for women entrepreneurs was estimated at $1.7 trillion globally.
Speaking at the event, MIC Acting CEO Cynthia Pongweni highlighted the stark disparity in funding allocation between male- and female-led ventures.
“If we fund you $1, you’ll find a male-led business has been funded with $25,” Pongweni said. It’s a significant gap across the African continent. South Africa might be slightly better, but not by much. We shouldn’t underestimate the impact of unconscious bias on funding for women-led businesses.”
This sentiment was echoed across the panel, which discussed how women entrepreneurs face systemic exclusion, often not overtly, but through ingrained perceptions that affect how funding decisions are made.
Thandiwe Maqetuka, CEO of Grindstone Ventures, noted the visible gender imbalance in the VC ecosystem.
“We go to these panel discussions, and we look around the room, it’s predominantly male. We ask ourselves: how do we get more women around the table?” Maqetuka said. “That’s the issue we have – there’s no visibility for women.”
One recurring question that surfaced during the discussion was whether women are adequately prepared for funding. Despite often building successful businesses, many female founders still find themselves overlooked by investors.
Pongweni challenged the assumption that women are underprepared. In her experience she said, women are often more thorough and ready for investment than their male counterparts.
“That’s the reality we face daily as women in this environment,” she said. “But despite this, we continue to see women’s perseverance. They are launching businesses in male-dominated sectors. That’s why it’s important to increase support specifically for female-owned businesses.”
Inside the Grindstone–MIC Female Founder Programme
To address some of these barriers, MIC and Grindstone Ventures have partnered on the MIC-Grindstone Female Founder programme, designed to accelerate women-led businesses by helping them access funding, market opportunities and tailored development support.
The five-year programme will support four startups in total. MIC, as a strategic investor, will deploy capital across the selected cohort, while Grindstone Ventures, in partnership with its sister entity Grindstone Accelerator, will deliver customised venture-building support to help each business prepared for follow-on funding.
The first participant of the programme –Chicken Bar – was announced earlier this year. According to Maqetuka, two more places remain open, and eligible businesses are encouraged to apply, particularly those that are already generating revenue.
“To be honest, with this particular programme, there isn't a business we’ve engaged with that isn’t female founded,” she said. “As long as you are post-revenue, we set up a call, have that initial conversation, review the financials and if everything is in order, we’ll take it forward.”
Beyond This Cohort: A Longer-Term View
While the programme is limited to a small number of startups, Pongweni urged entrepreneurs not to be discouraged by the selective nature of the process.
“Timing is important. Even if we engage with you and decide the timing isn’t right, that’s just the beginning of the conversation. These relationships take time to build. And if we can’t help directly, we can tap into our broader network to support your business’s growth and funding journey,” she said.
Supporting Women Entrepreneurs Beyond Women’s Month
As Women’s Month continues, initiatives like the Grindstone–MIC Female Founder Programme serve as a crucial reminder that beyond inspiration and celebration, real systemic shifts are needed. By confronting unconscious bias and creating targeted pathways for women entrepreneurs, the investment ecosystem can take a definitive step towards inclusivity and sustainable growth.
Lungile is the Digital Editor for Startup.Africa, with a knack for storytelling, technology and innovative ideas. Working with Startup.Africa, she takes simple ideas and turns them into amazing stories.
Lungile Msomi
