TechInAfrica – According to Partech Africa’s annual report, Kenya took the lead of 2018’s startup funding with a total of Ksh 34.4 billion ($348 million) over 44 deals. It was followed by Nigeria with $306 million over 26 deals and South Africa with $250 million over 37 deals.
If it’s calculated, the three African nations received 78% of the total funding which was followed by Egypt. It was just a repeat of 2017.
In 2018, there were 19 African countries (the rest of Africa) with at least one equity tech deal above $200K while in 2017, there were 13 countries. Judging from the data, it’s sure that the continent is growing fairly fast, following the main three African markets.
Among those 19 African countries, Egypt took the lead with 19 deals while in Francophone Africa, Senegal took the lead with $22 million over 4 deals.
According to the report, the numbers of funding and deals show how attractive these African entrepreneurs in terms of their ability to turn Africa into a global powerhouse. Furthermore, it also confirms African startups’ enthusiasm to participate in generating growth for the continent.
In total, there were around 146 startups over 164 rounds that raised $1.163 billion of equity funding in that year or a 108% YoY growth. In 2017, it was only 53% of growth YoY and 33% growth YoY in 2016.
The annual report is based on equity deals in tech and digital spaces, as well as funding rounds above $200K and below S100K million. As for deals, they both disclosed and undisclosed that only include African startups or companies with major markets located in Africa.
The main investment sector on the continent is driven by Fintech startups which attract half of the total funding. Coming in the second most popular and attractive sector is B2B tech adoption.