Finance

South Africa, Kenya, Nigeria and, Egypt captured 84% of the $556 million raised by African startups in 2017, IFC reveals

Monday, 10 December 2018 17:37
South Africa, Kenya, Nigeria and, Egypt captured 84% of the $556 million raised by African startups in 2017, IFC reveals

(Ecofin Agency) - In 2017, the startup sector was dynamic. Indeed, the International Finance Corporation (IFC), a branch of the World Bank dedicated to the private sector, estimates that in 2017, African tech entrepreneurs raised $556 million, up by 53% on a year to year basis.

Out of 54 countries in the continent, four captured 84% of the funds raised. These countries were namely South Africa, Kenya, Nigeria and, Egypt.

South African and Kenyan startups raised $167 million and $147 million respectively while Nigerian startups raised $114 million and Egypt raised $37 million. The main sectors in which the funds were invested are fintech (24%), off-grid solar energy (21%) and, E-commerce (19%).  

Nigeria was the country that raised the largest amount during the period under review with $40 million raised in October 2017 by Andela Software, during a series C funding operation led by South African CRE Venture Capital. The company specialised in coaching is used to important fundraisings. In 2016, it raised $24 million during a series B funding managed by Chan Zuckerberg Initiative. 

Despite the improvements in the African startup environment, in 2017, as far as funding access is concerned, IFC regretted a delay in the region compared to Latin America which reached $1.9 billion and India which raised $7.4 billion.



 
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