A new report by Partech Africa Team has revealed that the Venture Capital funding raised by tech startups on the continent totaled US$ 2.02 billion, representing 74 percent year-on-year growth when compared to US$ 1.163 Billion in 2018.

In the report titled ‘2019 Africa Tech Venture Capital Report’, the totaled US$ 2.02 billion was recorded in 250 deals with an average tech deal of $8.08 million in the year.

According to Partech, there is massive densification of early-stage with 206 transactions (+57% YoY) in Seed & Series A investments totaling US$ 620 Million (+116% YoY), a confirmation that there is an investors’ confidence in taking early bets in Africa. 

The breakdown of the investment shows Nigeria attracted a record high of US$ 747 Million in tech VC Investment,  representing 37 percent of all funding, but only takes 4th place behind Egypt in deal count. Kenya with a total investment of US $564 Million and Egypt that attracted a total investment of US $211 Million followed closely as 26percent of the deals counted went to South Africa.

Meanwhile, Egypt broke into the top 3 both in terms of deal count (+147% YoY) and deal volume (+215% YoY), even as the regional landscape has now been redrawn with 85percent of the total funding (US$ 1.7 Billion) going to the top 4 countries.

Highlights of investment by countries


Nigeria broke away in terms of total funding, having attracted US$ 747 Million (+144% YoY), but comes only 4th in terms of the number of transactions with 38 deals (+46% YoY). A total of 16 start-ups raised 17 rounds equal to or higher than US$ 5 Million.


Kenya is squarely sitting at the 2nd place both in total funding as well as the number of transactions with US$ 564 Million (+62% YoY) in funding over 52 deals (+18% YoY) 15 start-ups raised 18 rounds equal to or higher than US$ 5 Million.

South Africa

South Africa has slowed down compared to Kenya and Nigeria in terms of total funding, with US$ 205 Million (-18% YoY) but remains the undisputed #1 in the deal count with 66 deals (+78% YoY) thanks to its maturing early-stage ecosystem growing faster (28% of all Seed & Series A transactions). 11 start-ups raised 11 rounds equal to or higher than US$ 5 Million.


Egypt is garnering strong attention and has now secured the 3rd place both in terms of total funding as well as in the number of transactions. With US$ 211 Million (+215% YoY) in total funding, it has overtaken South Africa for the first time. With over 47 deals (+147% YoY) Egypt has also surpassed Nigeria in deal count. 12 start-ups raised a round equal to or higher than US$ 5 Million.

Rest of Africa (excluding Top 4)

The geographic distribution of VC funding has reached 18 countries counting at least one equity tech deal above US$ 200K this year, compared to 19 countries in 2018. With total funding of US$ 294 Million (+53%) raised over 47 deals (+24% YoY), the rest of the continent is absorbing 15% of total investment across the continent. 13 start-ups raised a round equal to or higher than US$ 5 Million. Ghana is leading this second group in terms of the number of deals with 10 start-ups raising in aggregate US$ 55 Million in funding. Rwanda’s 5th position is not representative as it is mainly based on a transaction of USD$ 120 Million from Zipline this year. Uganda, on the other hand, is quietly growing within the East Africa scene, with US$ 38 Million in total funding, spread across 4 deals, from Seed to Growth. In French-speaking Africa, Senegal once again confirms its position as the leading hub with US$ 16 Million (in the Top 8) raised in 6 deals (in the Top 6).


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