Mareme Dieng has left 500 Global after five years with the venture capital firm, departing just over a year after being promoted to partner to lead its Africa-focused investment strategy.
The Senegalese investor, who was based in Nairobi, announced her departure in a social media post, describing her time at the firm as “an incredible adventure” but providing no details about her reasons for leaving or future plans.
Dieng’s exit represents a notable setback for 500 Global’s African operations at a time when the continent’s technology sector has faced challenging fundraising conditions. The firm, which manages $2.2bn in assets, had positioned her promotion in 2023 as central to its strategy for scaling investment across Africa’s emerging technology ecosystem.
“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 worked with the firm.
Since its first African investment in 2011, 500 Global has backed more than 100 startups on the continent, with 35 per cent founded by women. The firm has collaborated with governmental bodies including Egypt’s Information Technology Industry Development Agency and Germany’s development agency GIZ on accelerator programmes and ecosystem development.
Dieng joined 500 Global in 2021 and was promoted to partner last year with a mandate to deepen the firm’s commitment to African entrepreneurship. Before joining, she served as head of international partnerships at Draper University and as an investor associate at Draper University Ventures.
At the time of her promotion, Courtney Powell, chief operating officer and managing partner of 500 Global, described Africa as “a thriving hub of opportunity” and said Dieng’s leadership would be “pivotal” in addressing challenges including financial inclusion and climate resilience.
Dieng, recognised by Forbes Afrique as one of its “30 Under 30” and a member of the venture capital committee of the African Venture Capital Association, said her mission had been to create growth opportunities in Africa.
“I envision a future where young Africans can access quality education and economic opportunities at home without needing to leave as early as I did,” she said at the time of her appointment.
Her departure comes as African technology companies have struggled to raise capital following a boom period during the pandemic. Venture funding to African startups declined sharply in 2023 and has remained subdued this year, according to industry data.
500 Global is yet to announce replacement for her leadership role in Africa. The firm has backed more than 5,000 founders and 3,900 companies across 80-plus countries, with a team based in more than 30 countries.
Dieng’s post thanked numerous colleagues across 500 Global’s global operations and singled out the Africa team, including investors and operational staff who “took a bet on our Africa adventure”.
Fred Swaniker, founder of the African Leadership Group, had described Dieng’s promotion last year as pivotal for African venture capital, calling her “the future of Africa — young, globally-minded, and dynamic”.
Editor’s note: Launch Base Africa has learned that Dieng is joining Axian Group. The Madagascar-based conglomerate launched its venture capital arm, Axian Investment, in 2023 to back African technology startups. Axian Investment oversees investments in both private equity and venture capital funds across Africa and manages holdings in firms including Partech Africa, Disruptech, and Amethis.