Shattering Ceilings: Women Redefining Venture Capital

Dear Silverbacks Community,

Welcome back to Silverbacks Valley, where we spotlight the trailblazers shaping Africa's future. Our podcast sparks engaging conversations with visionary entrepreneurs who drive progress in essential areas like sports, technology, entertainment, and fashion. By showcasing the innovative work of these leaders, we reveal the resilience, creativity, and endless potential within African communities. These successes serve as guiding lights, unveiling the promise and opportunities for the continent.

In honor of International Women's Month, we reflect on the inspiring words of Harriet Tubman, an abolitionist and social activist, who said, "Every great dream begins with a dreamer. Always remember, you have within you the strength, the patience, and the passion to reach for the stars and change the world." These words align with the ethos of Silverbacks Valley, where we celebrate determination and the power of dreams.

Continuing our celebration of International Women's Month, we are thrilled to feature two exceptional pioneers in Africa's venture capital landscape: Fope Adelowo , Co-Head Venture Capital at Helios Investment Partners , the foremost Africa-focused private equity fund, and Lexi Novitske, CFA , General Partner at Norrsken22 , an early growth fund dedicated to bridging the funding gap for startups at the Series A and Series B level. In November 2023, Norrsken22 just achieved the final close of its debut fund, raising a total of $205 million, therefore becoming one of the top 3 largest African VC funds.”

Join us as they engage in a thought-provoking discussion, sharing insights into the challenges, triumphs, and profound impact of navigating the venture capital arena as women in Africa.

Lexi and Fope's Venture Capital Journey

Our host, Ibrahim Sagna , delves into Lexi's remarkable journey, where she shares her transformative experience of relocating to Nigeria a decade ago to venture into private equity. Lexi's entrepreneurial spirit led her to pioneer one of the earliest venture capital firms in the region, playing a pivotal role in nurturing groundbreaking African tech companies, including Paystack and Flutterwave . Buoyed by the success of their initial fund, Lexi and her team identified a critical gap in funding for companies at the series A and B stages. Recognizing the opportunity to facilitate scalable growth, they collaborated with like-minded partners, including influential female voices, to establish Norrsken22. With a primary focus on Nigeria, Kenya, and South Africa, Norrsken22 is committed to championing the next wave of African unicorns, driving innovation and economic prosperity across the continent.

Fope recounts her remarkable journey from an engineering background to the world of investment banking, where her love for technology blossomed. Inspired by Nigeria's vibrant, enterprising spirit, she embarked on a mission to empower startups and budding entrepreneurs. After a stint at Jumia, Fope delved into private equity with Helios. However, she soon realized the limitations of traditional models in supporting early-stage ventures. Motivated to fill this gap, she co-founded Helios Digital Ventures, driven by a vision to provide strategic investment and guidance to budding businesses. Through her efforts, Fope is shaping the entrepreneurship landscape in Nigeria and beyond its borders.

Confidence is Success

Lexi emphasizes the pivotal role of confidence in her journey, highlighting the challenge of navigating the male-dominated finance landscape. Fope shares her insightful journey, underscoring the importance of confidence cultivated from her Nigerian upbringing and the value of confidently voicing opinions in male-dominated spaces. Join us as we explore Fope's empowering insights on owning one's voice and striving for equality in all spaces.

Gender Equity Struggles

Lexi highlights a global gender disparity: while women comprise 30% of the finance workforce, they occupy only 17% of C-suite positions, with lower representation in Africa. She underscores the frustration of pay imbalances and limited opportunities, citing familial obligations and social barriers as critical hurdles. Lexi emphasizes the importance of ensuring women have equal access to executive roles, fair compensation, and work-life balance. Additionally, she underscores the significance of successful women mentoring the next generation, guiding them through the ranks.

Fope shares a troubling statistic adding to the gender disparity. While women often face criticism regarding their personalities in reviews, comprising 60% to 70% of feedback, men encounter this scrutiny only 2% of the time, with their performance taking precedence. This revelation underscores the urgent need to address systemic biases and advocate for fair evaluation practices. Join us as we delve deeper into this critical dialogue, emphasizing the necessity of challenging these imbalances to foster a more inclusive and equitable workplace environment.

Breaking Barriers in Venture Capital

Join us for an engaging discussion with Fope and Lexi as they unpack the journey of breaking barriers in the venture capital ecosystem of Africa. With a shared passion for innovation and a commitment to addressing the continent's development challenges, they offer insights into what fuels their ambition as individuals and as integral parts of this thriving ecosystem. In their conversation, Fope and Lexi delve into the nuances of navigating the finance landscape while staying true to oneself. They reflect on the importance of authenticity and the evolving nature of the industry, emphasizing the need for spaces where individuals can bring their whole selves to the table.

Drawing from their firsthand experiences, Fope and Lexi offer candid advice to their younger selves, highlighting key lessons learned and sharing valuable perspectives on how the industry has transformed over time. They also explore the growing opportunities for women in venture capital, encouraging the next generation to seize these possibilities and contribute to shaping new trends in the field.

Join the conversation

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