Tech startups in Africa receive US$195M investment in 2017

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Tech startups in in Africa received investment funding of a whopping US$195 million in 2017, making it the highest in three years, with three African countries of South Africa, Nigeria and Kenya getting the highest.

According to Disrupt Africa, the startups totaling 159 across the three countries received the funding, which is 51 percent growth compared to 2016.

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The report noted that 2017 marks the first year Nigeria overtook South Africa in terms of the total amount of funding raised, with over 60 percent of the funding going to Andela, a tech startup that helps companies quickly and confidently scale their software teams with world-class, full-time developers.

The Disrupt Africa report added that while South Africa, Nigeria and Kenya appear to be the most attractive tech start-up investment destinations, less developed markets like Ghana, Egypt and Uganda are unequivocally emerging as hotspots.

According to Gabriella Mulligan, co-founder of Disrupt Africa “Fintech is by far the most attractive sector for investors, with 45 genetic startups raising almost one-third of the total funding going to African tech ventures in 2017.

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