Funding: Nigeria’s Startups Attract the Most in Africa

• Funding: Nigeria’s Startups Attract the Most in Africa

A report compiled by Disrupt Africa showed a total of 210 African start-ups attracted US$334.5 million worth of investments in 2018.

A break down of the report revealed Nigeria secured US$94,912,000 funding with 58 start-ups in various sectors. The largest amount among the African nations surveyed during the year.

In the report titled ‘African Tech Startups Funding Report for 2018’, the number of start-ups that raised funds during the year grew by 32.1 percent while the total funding jumped by 71.5 percent when compared with 2017. Another indication of the growing interest in Africa’s start-ups.

The report also highlighted Nigeria as the hub of Africa’s start-up funding, following years of playing second fiddle to South Africa.

South Africa raised US$59,971,000 with 40 start-ups in 2018. Kenya came third in terms of the number of start-ups that raised funds.

Speaking on the report, Gabriella Mulligan, the Co-founder of Disrupt Africa, said: “It has been an incredible year for tech start-ups in Africa – and it’s a real pleasure to release this report and the impressive figures it contains. The continent’s entrepreneurs have grabbed the attention of investors, accelerators, and media both locally and globally this year with their innovative solutions and business models, and it’s great to be able to report on such strong results across our ecosystem.”

Tom Jackson, another Co-founder of Disrupt Africa, said: “The African tech space continues on its upward trajectory, with more start-ups than ever before securing record levels of funding in 2018.”