Startups in Nigeria, South Africa, Egypt and Kenya – considered the continent’s big four – gobbled up the lion’s share of the over $4bn raised through 2021. In November 2021 alone, African startups raised $605m, which is nearly half the total amount of funds raised by Africa’s startups in all of 2020 – around $1.3bn according to data-driven research firm, Briter Bridges. Sign up Also receive offers from The Africa Report Also receive offers from The Africa Report's partners SUCCESS ERRORAccording to Connecting Africa, Nigeria, South Africa, Egypt and Kenya accounted for 80% of the total raised on the continent up until the end of November, with 35% of capital raised in Nigeria alone. Nigerian startups hauled in $1.37bn in 2021, South Africa attracted $838m, Egypt – $588m, and Kenya raised $375m. Outside the big four, other proactive markets were Senegal and Tanzania whose startups raised $222m and $96m respectively, according to Connecting Africa.

Source: The North Africa Journal December 22, 2021 04:58 UTC