(Ecofin Agency) - 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.