“Angel investing isn’t only about money — it’s about opening doors and expanding networks.”– Andia Chakava, Managing Partner, Afrishela Fund
On 19 June 2025, angel investors–ranging from first-time backers to seasoned investors–gathered at 22OnSloane in Johannesburg, Africa’s largest startup campus, for the 12th Angel Fair Africa, popularly known as the AFA@12 Roadshow. Co-hosted by the Graça Machel Trust’s impact vehicle Afrishela Fund and Chanzo Capital, an Africa focused tech VC firm, the roadshow set out to tackle one of the continent’s most persistent challenges: the gender funding gap.
Although women own more than one-third of small businesses in Sub-Saharan Africa, they remain dramatically under-served by growth capital in emerging markets–women-led firms secure barely one-in-ten dollars invested. This financing shortfall leaves a staggering USD 42 billion gap for women entrepreneurs across Africa.
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In the keynote fireside chat, Mohau Polo Leteka of IDF Capital and Tinyiko Valoyi of Chanzo Capital discussed how targeted angel investments can unlock inclusive innovation. “Women drive our economies and most household financial decisions–yet they receive less than two percent of available funding. That must change,” Mohau emphasised.
Formalising Africa’s Angel Ecosystem
“Africa already has the roots of a strong angel ecosystem; our task now is to formalise and grow it with clear purpose,” explained Andia Chakava, Managing Partner of Afrishela Fund, whose leadership at Afrishela Fund has championed inclusive, locally driven investment. She stressed that when investors are presented with a curated, investment-ready pipeline–particularly ventures aligned with their expertise–capital can flow more effectively and sustainably. Moreover, by pairing funding with mentorship and local-currency investment options, angel investors can help founders navigate challenges unique to the African market. These were some of the views expressed by Dr. Audrey Verhaeghe of Anza Capital, Bongani Sithole of 54 Collective and Keshni Morar of Jozi Angels who were on the investors panel with Andia moderated by Graham Maseli of 22OnSloane.
Building Long-Term Support Structures
The day’s Angel Investors Masterclass, led by Keshni Morar of Jozi Angels, drove home why local capital is critical for Africa’s founders right now. Drawing on her decade of experience nurturing early-stage ventures, Keshni explained that true angel investing goes far beyond writing cheques: it means offering strategic guidance, up-skilling teams, and unlocking entrée to vital industry networks. “Local capital isn’t just money–it’s a promise of partnership, agility, and cultural understanding,” she told participants. “If you’re building in Africa, raise capital in the currency you earn–it’s your first line of defense against volatility. Simple hedges like multi-currency accounts and forward contracts don’t just protect your balance sheet; they safeguard every hard-won rand or naira from being eroded by devaluation. When you raise and spend in your own market, you gain the flexibility to pivot, the context to innovate, and the support to scale sustainably–you never have to walk the journey alone.”
Kevin Fleischer, CEO of Zemali International, added the importance of vision and belief: “When we invest in startups, we’re investing in the future economies of our continent.” He urged founders to stay abreast of emerging technologies–especially artificial intelligence–and to consider both economic and competitive risks as they scale.
Eric Osiakwan of Chanzo Capital echoed the call for patient capital and a local-first mindset: “We need to build our own capital infrastructure. If local investors lead, we can shape innovation on our own terms.”
Andia Chakava: A Voice for Inclusive Capital
As the co-host of the investor panel, Andia Chakava illustrated how Afrishela Fund translates these principles into action. Under her guidance, the Fund provides enterprise development, tailored mentorship, and access to strategic networks. She shared stories of two founders whose ventures benefited not only from financial backing but also from her hands-on support–helping them navigate exit strategies, expand impact, and thrive in male-dominated sectors.
“Angel investing isn’t just about money; it’s about opening doors through relationships,” Andia noted. She highlighted the flexibility of angel capital–how it adapts to a founder’s needs without compromising accountability. “In a non-judgmental space, founders get honest feedback and encouragement. That balance of power and support can be transformative.”
Showcasing Africa’s Next Wave
Seven early-stage founders pitched solutions across healthcare, mobility, HR tech, and sustainable food systems.
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- Nicky Shuenyane, founder of Village Water Systems, explained her approach to bringing clean water to remote communities.
- Simangele Mphahlele of Ejoobi outlined her platform’s innovative job search solution.
- Greg Wakelin introduced ChaufHER’s women-focused mobility service.
- Thobile Sibeko from Tobs Wraps showcased her eco-friendly food wrapping products.
- Eddison Shumba demonstrated how TimoRides is transforming ride-sharing in urban areas.
- Daniel Adidwa presented Hit The Road Today’s seamless travel booking app.
- Rosario Zango Jr. unveiled GoodBite’s restaurant management platform.
Each founder’s pitch highlighted both ingenuity and real-world impact emerging across Africa’s startup ecosystem. Networking ensued amongst the entrepreneurs and investors in the room and we cannot wait for the linkage tales that will be born from this event.
The AFA@12 roadshow in South Africa marks the conclusion of the African leg, which began with its launch in Kenya in March, and paves the way for the main AFA@12 event in New York on 19 September 2025. Angel Fair Africa’s message is clear: Africa doesn’t need saving–it needs capital systems that trust, invest in, and scale its own builders.
Learn more about Afrishela Fund’s work at www.afrishela.org.