Nairametrics
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Industries
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Tech News
  • Economy
    • Nairalytics
    • Macro-Economic News
    • Research Analysis
    • Budget
    • Public Debt
  • Business News
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
No Result
View All Result
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Industries
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Tech News
  • Economy
    • Nairalytics
    • Macro-Economic News
    • Research Analysis
    • Budget
    • Public Debt
  • Business News
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
No Result
View All Result
Nairametrics
No Result
View All Result
Home Spotlight

African tech startups raise over $700 million in 2020 despite pandemic

Samuel OyekanmibySamuel Oyekanmi
2 years ago
in Spotlight, Tech News
COVID-19 relief: Group of Techpreneurs use BVN to disburse funds to Nigerians
Share on FacebookShare on TwitterShare on Linkedin

Despite the Covid-19 outbreak, African tech startups raised a record high of $701.5 million from investors in 2020. This is according to the African Tech Startups Funding 2020 report released by Disrupt Africa.

According to the report, 2020 was a record year for investment into the African tech startup ecosystem, with more startups raising more money, from more investors than ever before.

Specifically, 397 startups raised $701.5 million in total funding in 2020, indicating a 27.7% and 42.7% increase compared to 311 startups that raised $491.6 million in the previous year.

Highlights of the report

  • The number of startups that received investments in 2020 grew by 217.6% compared to 125 tech startups in 2015, when the first edition of the report was published.
  • Kenya, Nigeria, South Africa, and Egypt remain emphatically Africa’s “big four” from a funding perspective, accounting for 77% of funded startups and 89.2% of total investment.
  • Nigeria (85), Egypt (82) and South Africa (81) lead the way from the perspective of the number of ventures.
  • However, when it comes to total combined raised capital, it is Kenya that is Africa’s leader, with startups from the East African country raising over US$190 million in funding in 2020.
  • The financial technology sector was the most attractive to investors in 2020, with more startups securing funding than any other sector and a combined total that dwarfed all others

Though these markets remain clear leaders, there are signs of growing activity elsewhere on the continent, with startups backed in 24 African countries, up from 19 in 2019, 20 in 2018, and 18 in 2017 respectively.

Meanwhile, a recent report by Nairametrics revealed that African startups raised over $1 billion in funding in 2020, with Nigerian startups raising 17% of the total amount. The report showed a list of notable startups that raised funds in the year, some of which include; Flutterwave, 54gene, Aella Credit, Helium Health, Kuda Bank amongst others.

Why this matters

  • Nigeria recorded significant growth in the number of startups securing funding in 2020, as the country saw a 77% increase compared to 2019. This is a welcomed development, as it indicates that the Nigerian tech space is on an upward trajectory.
  • More businesses will look to explore the tech industry considering the growing attention received by investors in recent times.

Related

Tags: AfricanFintech spaceFund raisedTech

Leave a Reply Cancel reply

HFM
Mega Millions
Mega Millions
Patricia





NM newsletters

Business News | Stock Market | Money Market | Cryptos | Financial Literacy | SME |

Recent News

  • Federal High Court Abuja Acquits Jide Omokore of 1.6bn Fraud
  • LeBron James surpasses Kareem Abdul-Jabbar to become America’s NBA all-time leading scorer
  • National Lotteries Regulatory Commission Grants Betway License Extension to Operate across Nigeria

Follow us on social media:

Recent News

Federal High court

Federal High Court Abuja Acquits Jide Omokore of 1.6bn Fraud

February 8, 2023
LeBron James surpasses Kareem Abdul-Jabbar to become the NBA's all-time leading scorer

LeBron James surpasses Kareem Abdul-Jabbar to become America’s NBA all-time leading scorer

February 8, 2023
  • Home
  • Exclusives
  • Markets
  • Industries
  • Economy
  • Business News
  • Financial Literacy
  • Lifestyle
  • Opinions

© 2023 Nairametrics

No Result
View All Result
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Industries
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Tech News
  • Economy
    • Nairalytics
    • Macro-Economic News
    • Research Analysis
    • Budget
    • Public Debt
  • Business News
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds

© 2023 Nairametrics