Women-founded startups receive just 2.4% of global venture capital despite evidence that closing this gap could boost the global economy by $2.5 trillion to $5 trillion. So, why is the money still not flowing?
To change that with a little but mighty effort, fintech platform Grey (yes, the Y Combinator-backed one which was interviewed by TFN for its TeckTalks series) just launched “UpGreyed Her” 2.0, a $9,500 grant program for women entrepreneurs. No equity. No strings. Just real support. That’s +19% more funding than last year.
Applications are open from March 8, 2025, to April 8, 2025. Female entrepreneurs can apply here.
The initiative addresses the persistent funding disparity women entrepreneurs face, a gap that results in countless “missing” women-led businesses and untapped economic potential.
The program aligns with the International Women’s Day 2025 theme, “Accelerate Action,” building on Grey’s successful 2024 grant that awarded $8,000 to three female entrepreneurs in male-dominated industries. These women-led startups included – OfadaHub, modernised Nigerian rice farming with IoT, AutoGirl, trained women mechanics and LadyBamboo — scaled eco-fabrics from Zambia to the world.
“Thanks to Grey, we now export to the US & Canada,” said Aminat Damilare Kazeem, one of last year’s winners. “Put your best foot forward and never doubt yourselves.”
UpGreyed Her: Why it matters?
In 2024, Grey launched its first UpGreyed Her initiative, an equity-free grant program to empower women-led businesses across Africa to address the $42 billion funding gap facing African female entrepreneurs. Nearly 1,000 applications from six countries demonstrated the urgent need for funding among women entrepreneurs.
The grant had a transformative effect on the winners’ businesses. OfadaHub Ltd used the funds to modernise Nigeria’s indigenous rice farming with IoT sensors. AutoGirl Ltd trained women mechanics in Nigeria, and LadyBamboo Ltd automated bamboo fabric production in Zambia. These businesses, spanning agriculture, manufacturing, and gender inclusion, not only received funding but also benefited from Grey’s mentorship and six months of free access to its fintech platform, Grey Business, which facilitated cross-border payments.
Image credits: Grey
The initiative also partnered with Her Network, a media platform amplifying women’s voices, creating substantial visibility through articles and social media campaigns reaching millions. While widely praised, the program faced critiques about geographic imbalances — 68% of applicants were from Nigeria — and limited STEM-focused ventures.
UpGreyed Her: What’s new in 2025?
In 2025, UpGreyed Her is leveling up with a $9,500 grant pool distributed among four winners, offering not just funding but access to mentorship through WIMBIZ, one of Africa’s leading women’s networks. Winners will be selected by an all-female panel of industry leaders, with a renewed focus on reaching underrepresented regions and boosting the number of women-led ventures in STEM and tech-focused sectors.
“After witnessing the impact of the first edition of UpGreyed Her in 2024, we were encouraged to continue the initiative this year with an increased funding pool and a partnership with the Women In Management, Business & Public Service (WIMBIZ), offering their mentorship program to our winners,” said Iheakachi Nwabueze, Head of Growth Global Marketing and Growth at Grey.
Nwabueze continued, “For us at Grey, International Women’s Day is more than just another campaign on the calendar; it is a time for meaningful action. We are deeply committed to creating more opportunities for women entrepreneurs and ensuring they have the financial support they need to scale their businesses.”
The Executive Director of WIMBIZ, Omowunmi Akingbohungbe, commented on the Upgreyed Her Grant Initiative and partnership with Grey, saying, “The success of women in business is not just about individual achievements; it is also about creating an ecosystem that nurtures and sustains them. Our partnership with Grey for the UpGreyed Her Grant Initiative represents a collective effort to provide funding, mentorship, and resources that drive long-term success for female entrepreneurs. We are excited about the future we are building together.”
The UpGreyed Her initiative goes beyond financial support, aiming to build sustainable ecosystems that empower women in business. By combining funding with long-term resources like mentorship, cross-border financial tools, and community partnerships, the program addresses structural barriers that female entrepreneurs face, such as limited access to capital, networks, and growth opportunities.
Applications for the UpGreyed Her 2025 grant are now open and will be accepted until April 8, 2025. Women entrepreneurs interested in securing equity-free funding and access to valuable mentorship can apply directly at grey.co/iwd25. This is a unique opportunity to scale impactful businesses, so if you know a woman founder who should apply, don’t hesitate to share it with her.
This is media partner content in collaboration with Grey.
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