Super interesting investment space! Home to 5 out of 12 global fastest growing economies, massive unbanked population, etc. Big momentum!
Home to 5 of the world’s top 12 fastest-growing economies and a rapidly expanding mobile money landscape, it shouldn’t come as a surprise that venture investors are now looking to Africa for the latest crop of undiscovered startups. This quarter, some of the first later stage rounds seen for African e-commerce companies Konga and Jumia pushed total venture money raised by African startups in Q4 to nearly $200 million — an unprecedented amount. Today’s $16 million for renewable electricity company Off Grid Electric marks by far the largest round recorded by a startup out of Tanzania to date. According to our data, South Africa leads the way for number of venture rounds seen in the past four years, followed by Nigeria, Kenya, and Egypt.