Mareme Dieng, who led 500 Global’s Africa investment strategy, has left the venture capital firm after five years, marking a significant departure for the VC’s continental operations at a critical juncture for African tech.
The Senegalese investor, based in Nairobi, announced her exit in a LinkedIn post, describing her tenure as “an incredible adventure” but offering no details about her reasons for leaving or what comes next.
“After 5 incredible years at 500 Global, I have made the very difficult decision to leave,” Dieng wrote, thanking colleagues and African entrepreneurs who had collaborated with the firm.
The departure comes just over a year after Dieng was promoted to partner in 2023, a move that 500 Global had positioned as central to its strategy for scaling investments across Africa’s emerging technology ecosystem. Her exit leaves a notable gap in the firm’s leadership at a time when African startups are navigating one of the most challenging fundraising environments in recent memory.
A Tough Time for African Tech
The timing of Dieng’s departure underscores the broader headwinds facing venture capital activity on the continent. According to data from the African Private Equity and Venture Capital Association (AVCA), African startups raised approximately $2.9 billion in 2024, down from the $6.5 billion peak in 2022. The correction has forced many VCs to reassess their African strategies, with some firms scaling back operations or extending fundraising timelines for Africa-focused vehicles.
500 Global, which manages $2.2 billion in assets globally, has been among the most active international VCs on the continent. Since making its first African investment in 2011, the firm has backed more than 100 startups across the region, with a notable emphasis on diversity—35% of its portfolio companies were founded by women, significantly higher than the continental average of around 20% for venture-backed startups.
The firm’s African portfolio includes investments across fintech, e-commerce, healthtech, and logistics sectors, spanning markets from Nigeria and Kenya to Egypt and South Africa.
Building Ecosystem Infrastructure
Beyond direct investments, Dieng played a key role in 500 Global’s ecosystem development work across Africa. The firm has collaborated with governmental and development organizations, including Egypt’s Information Technology Industry Development Agency (ITIDA) and Germany’s development agency GIZ, on accelerator programs designed to strengthen startup infrastructure in emerging markets.
These partnerships have become increasingly important as African governments seek to position their countries as technology hubs, with initiatives ranging from regulatory sandboxes for fintech innovation to tax incentives for tech companies and venture funds.
Dieng’s departure raises questions about the continuity of these programs and 500 Global’s ability to maintain its profile in an increasingly competitive landscape where African-focused funds, pan-African operators, and international players are all vying for access to the continent’s most promising deals.
The Broader Context of VC Team Departures
Dieng’s exit is part of a broader pattern of movement among venture capital professionals in Africa. Over the past 18 months, several prominent investors have left established firms to launch their own vehicles, join startups as operators, or pursue opportunities outside the continent.
The reasons vary widely—some cite the desire for greater autonomy in investment decisions, others are drawn to the faster pace and direct impact of operating roles, while some have grown frustrated with the extended fundraising cycles and risk-averse posture that have characterized African VC in the current downturn.
For firms like 500 Global, retaining senior investment talent has become more challenging as competition for experienced African investors has intensified. The relatively small pool of investors with deep networks, track records, and cultural fluency across multiple African markets means that departures like Dieng’s can be difficult to replace quickly.
What’s Next for 500 Global in Africa?
500 Global has not yet announced plans to replace Dieng or outlined how her departure will affect its African investment strategy. The firm declined to comment beyond acknowledging her contributions to its portfolio and ecosystem work on the continent.
The departure comes as 500 Global, like many multi-stage and global VCs, is recalibrating its approach to emerging markets amid tighter LP budgets and increased scrutiny of deployment timelines and portfolio performance. While the firm remains committed to its global strategy, the question for African entrepreneurs and ecosystem stakeholders is whether this signals a potential pullback or simply a transitional moment.
For Dieng, who built a reputation as one of the most visible francophone African investors in the East African ecosystem, the next move will be closely watched. In her post, she offered no hints about her plans but expressed gratitude for the “incredible entrepreneurs building the future of Africa” whom she had the privilege to back.
As of publication, Dieng had not responded to requests for comment about her future plans.
The Bigger Picture
The departure highlights an ongoing challenge for international VCs operating in Africa: building sustainable, locally-rooted teams that can navigate the continent’s complexity while maintaining alignment with global investment mandates. As African tech matures, the tension between local expertise and global capital allocation decisions has become more pronounced.
For now, 500 Global’s African portfolio continues operating, and the firm’s accelerator programs remain active. But in an ecosystem where relationships and trust drive deal flow, the loss of a senior partner with Dieng’s profile and network will be felt—both by the firm and by the entrepreneurs who valued her presence in the ecosystem.
