Africa is gradually becoming the next big thing in innovation and tech. With a population of over 1.3 billion, the 54-state continent is seeing rapid growth in technology startups over the years.
2019 was a record-breaking year. African tech start-ups raised US$ 2.02 Billion in equity funding, a 74% YoY growth. The fintech sector remained the most popular among investors, pulling in 41% of the total funding. For the lead markets, Nigeria and Kenya remained at the top, securing $747 million and $564 million, respectively. Egypt is gaining strong attention and ranked No.3; whereas South Africa though held its ground with the highest deal count, came last in funding volume (Partech 2019 Africa Tech VC Report).
Innovation is the key to African stability and growth. The unleashed continent continues to make big moves and is proving to be the future.