Startup culture is growing in Africa

 (2 minutes read)

·        Four countries including Nigeria, Kenya, South Africa and Egypt topped the list for funding startups accounting for 77 %of funded startups, and 89.2 % of total investment in 2020

·        Nigeria had the most funded startups at 85, followed by Egypt with 82, and South Africa with 81. Kenya had 59 funded startups

·        In 2020, startups secured investment in 24 different countries, an increase on 2019 when there were funded companies in 19 countries.

·        Morocco, Senegal, Rwanda, Ivory Coast and South Africa saw the next biggest increases in funding between 2019 and 2020

Four countries including Nigeria, Kenya, South Africa and Egypt topped the list for funding startups accounting for 77 %of funded startups, and 89.2 % of total investment in 2020. This crucial data is given in the yearly African Tech Startups Funding Report 2020, released by startup news and research portal, Disrupt Africa.

Nigeria had the most funded startups at 85, followed by Egypt with 82, and South Africa with 81. Kenya had 59 funded startups. Though at the bottom in terms of numbers, Kenya tops on the basis of  capital raised.  The East African country raised  US$190 million in 2020. The report also indicated that there are signs of growing start up activities in Ghana and Tunisia and Morocco.

In 2020, startups secured investment in 24 different countries, an increase on 2019 when there were funded companies in 19 countries. Morocco, Senegal, Rwanda, Ivory Coast and South Africa saw the next biggest increases in funding between 2019 and 2020.