The Gender Dynamics in Crowdfunding Success: Evidence from Africa During the COVID-19 Pandemic

Abstract

The COVID-19 pandemic disrupted traditional financing channels, accelerating the adoption of crowdfunding as an alternative capital-raising mechanism across Africa. Limited access to finance for women entrepreneurs remains a pivotal issue globally, particularly in Africa, where most women are significantly underrepresented. This study investigates the role of gender differences in campaign design, communication, and signalling in crowdfunding success during the COVID-19 pandemic, rather than focusing on gender as a direct factor. Guided by signalling, Congruity, Feminist Economics, and Social Network theories, the research investigates whether gender-related differences in campaign presentation and communication strategies contributed to variations in funding outcomes. A quantitative research approach was adopted to analyse reward-based crowdfunding campaigns launched between March 2020 and December 2020. The study measures success through funding attainment ratios and goal achievement rates. The findings reveal nuanced gender effects, with male-led campaigns exhibiting strengths in social engagement and narrative appeal, while female-led campaigns demonstrated advantages in higher average contribution sizes. This awareness contributes to the literature on gender and entrepreneurial finance in crisis contexts, offering practical implications for platform design, policy interventions, and inclusive funding strategies in Africa’s evolving crowdfunding ecosystem. In line with the empirical results, the impact of gender is mostly indirect and mediated by campaign variables such as updates, videos, and engagement intensity.