Nigerian, Kenyan and South African startups raised the most funds from the $1.34 billion African startups received in 2019.
According to Weetracker’s African Venture Capital Report 2019, African startups raised a combined $1.34 billion in investments across 427 deals in 2019.
What this means is that over 75% of the deals were in Nigeria, Kenya and South Africa, the report found with fintech attracting the most funding. The amount was $678.73 million.
Furthermore, Nigeria ($663. 24m) and Kenya raised a combined $1.09 billion or a mouthwatering 81.49% of the total amount received by these startups.
It is noteworthy to add that these early to growth stage businesses raised more funding in 2019 than the previous two years.
In 2018 these startups raised $725.6 million, and $203 million in 2017.
The African startup ecosystem seems to be growing in leaps and bounds as it attracts investments from angel investors, Venture Capitalists and investors.
Indeed, 2019 was a good year considering the amount raised.