The Mastercard Foundation invested in latest fund of VC firm Five35 Ventures
The Mastercard Foundation Africa Growth Fund has provided an anchor investment for the newest investment vehicle of Five35 Ventures, a pan-African venture capital firm that invests in early-stage, tech-enabled, female-focused businesses.
Five35 Ventures is dedicated to providing funding and expansion prospects for early-stage African technology startups that prioritize women. According to the company, its investments have already created over 1,400 jobs throughout Africa and drawn over US$75 million in follow-on funding.
Fintech, agriculture, health, logistics, and climate innovation are all included in its 16-company portfolio. In addition to capital deployment, the fund has accelerated market access, strengthened governance, and helped companies grow.
“From the outset, our goal has been to build an investment firm defined by integrity, rigour, and results,” said Hema Vallabh, founding partner at Five35 Ventures. “We take a measured approach, backing ventures that demonstrate both traction and transparency, and holding ourselves to the same standards. This consistency and governance discipline continue to strengthen investor confidence and set the foundation for long-term performance.”
The Mennonite Economic Development Associates (MEDA) Mauritius Foundation, which manages the Mastercard Foundation Africa Growth Fund, has now given Five35 an anchor investment.
According to Vallabh, this support from a values-aligned investor such as the Mastercard Foundation Africa Growth Fund reaffirmed that when results and mission work together, disciplined, impact-driven investing can produce both commercial returns and systemic change.
“What excites us about Five35 is how clearly it unites purpose and performance,” said Dr Dorothy Nyambi, president and CEO of MEDA. “It’s rewriting the story of women entrepreneurs in Africa by backing them early, strengthening governance, and turning that conviction into real outcomes – growing companies, attracting follow-on capital, and creating jobs at scale,” she said.
“What excites us about Five35 is how clearly it unites purpose and performance,” said Dr Dorothy Nyambi, president and CEO of MEDA. “It’s rewriting the story of women entrepreneurs in Africa by backing them early, strengthening governance, and turning that conviction into real outcomes – growing companies, attracting follow-on capital, and creating jobs at scale,” she said.
Five35 will expand its partnerships with accelerators, ecosystem partners, and policymakers, expand its reach throughout East, West, and Southern Africa, and scale its portfolio. Its emphasis is on early-stage investing, where the company’s experience in supporting businesses has been shown to function just outside of traditional funding avenues.
