African Startups Raised $1.34 Billion In 2019

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By: Natalie Nkembuh

African startups attracted a record high of $1.34 billion in venture capital during 2019, with fintech seeing $678.73 million alone, according to WeeTracker.

Venture deals in Africa 2019
Venture deals in Africa 2019

Its Decoding Venture Investments In Africa 2019 Report found that 427 startups raised funding throughout the year, and a mere 6% of these accounted for 83% of the total investments.

Over 75% of the deals were in Nigeria, Kenya and South Africa, the report found, with fintech continuing as the sector that attracted the most funding.

Nigeria led the investments with $663.24 million, followed by Kenya and South Africa. 

Kenya had 283.64% growth over the previous year’s funding amount, WeeTracker found. Nigeria and Kenya accounted for $1.09 billion or “a whopping 81.49% of the total VC money raised in Africa”.

In 2018 African startups raised $725.6 million, and $203 million in 2017. Forbes

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