In the past few years, Francophone Africa has made huge strides in creating startups, although the startup market on the continent is still dominated by the “Big Four” English-speaking nations. African startups continue to shatter fundraising records, but the majority of investment inflows go into those operating in English-speaking countries Egypt, Kenya, Nigeria, and South Africa — the so-called “Big Four”. They top fundraising charts each year, accounting for 75% of the funding in 2022, down from 82% in 2021. But according to a report by ‘Africa: The Big Deal’, the next four main recipients of startup funding include only one English-speaking country, Ghana, and three French speaking ones — Algeria, Senegal, and Tunisia. While Africa’s “Big Four” will likely continue to dominate fundraising in the near future, Francophone startups are making progress in closing the gap.

Source: The North Africa Journal March 11, 2023 05:39 UTC