Telecom

African startups raised $725.6 million during 458 fundraising operations in 2018

African startups raised $725.6 million during 458 fundraising operations in 2018
Friday, 18 January 2019 21:18

The African tech sector is gaining the trust of investors as the years pass, figures published by Wee Tracker demonstrate.

In the "Decoding venture investments in Africa" for 2018, the platform reveals that according to data from the International Finance Corporation (IFC) African startups raised a total of $725.6 million in 2018 during 458 fundraising operations, representing a $169.6 million rise compared to the $556 million raised in 2017. 

Still, in H1, 2018, African startups raised only $168.6 million during 120 operations. H2, 2018 has been the most dynamic with $557 million raised in 338 operations.

In the first semester of the year under review, Nigerian startups were leading as far as the volume of funds raised is concerned, followed by Kenyans. Egyptian startups were the third and South African the fourth. Startups from Uganda, Ghana and Tunisia also attracted investors.

Wee Tracker estimates that with the rising dynamism in the African startup ecosystem, the performance in 2019 could be more important than in 2018.

On the same topic
(ETHIO TELECOM)-At a media event held at the Ethiopian Science Museum, Ethio Telecom CEO Frehiwot Tamiru presented the company’s 2024/25 fiscal year...
Government ramps up e-services, digital ID, and payments, but rural gaps remain Highlights: ● Over 900 government services digitized under "Digital...
As Algeria ramps up efforts to digitize its economy, the new cable is expected to play a critical role in improving service delivery, boosting enterprise...
Morocco to invest $8.9B in 5G rollout, targeting 85% coverage by 2030. Plan includes fiber expansion and rural connectivity under Digital...
Most Read
01

The fintech leaders primarily emerge from Nigeria, Egypt, Kenya, and South Africa, nations recognize...

10 African Fintech Unicorns and Upstarts Make World’s Top 300
02

By linking ECOWAS countries, the project enhances regional digital infrastructure, which is crucial ...

Liberia, ECOWAS & World Bank collaborate on second West Africa submarine cable plan
03

As digital technologies reshape Africa's job market, digital skills are becoming crucial for youth i...

Africa Faces 'Critical' Digital Skills Gap as Youth Population Booms, UN Warns
04

Non-bank institutional investors, though still a minority, are increasing their presence in the West...

Non-Bank Investors Gain Foothold in WAEMU Sovereign Debt Market
05

Highlights: • $20 billion in investment pledged by Chinese firms for agriculture, mining, auto...

Nigeria Secures $20 Billion in Chinese Investment to Drive Industrial Growth
Enter your email to receive our newsletter

Ecofin Agency provides daily coverage of nine key African economic sectors: public management, finance, telecoms, agribusiness, mining, energy, transport, communication, and education.
It also designs and manages specialized media, both online and print, for African institutions and publishers.

SALES & ADVERTISING

regie@agenceecofin.com 
Tél: +41 22 301 96 11 
Mob: +41 78 699 13 72


EDITORIAL
redaction@agenceecofin.com

More information
Team
Publisher

ECOFIN AGENCY

Mediamania Sarl
Rue du Léman, 6
1201 Geneva
Switzerland

 

Ecofin Agency is a sector-focused economic news agency, founded in December 2010. Its web platform was launched in June 2011. ©Mediamania.

 
 

Please publish modules in offcanvas position.