Browsing: Africa Startup Funding

• “Africa is like China 20 years ago, you see where China is now, so Africa is moving there,” Nael Hailemariam, Founder/CEO Chapa tells global leaders, and investors at AIM Congress 2024.
• Africa’s startup evolution is on, fueled by innovation and a youthful demographic dividend.
• This comparison of Africa to China’s meteoric rise serves as a compelling narrative for investors seeking untapped markets brimming with promise.

A panel discussion titled “The New Geographical Focus of Startups: Spreading Digital Innovation to Africa and Other Places” at the ongoing AIM Congress 2024 in Abu Dhabi has shed light on the startup evolution unfolding across Africa.

Expert speakers lifted the lid on the continent’s burgeoning potential, citing untapped opportunities that are ripe for investment. Nael Hailemariam, CEO/Cofounder of online payment gateway Chapa, captured Africa’s momentum, likening it to China’s trajectory two decades ago. “Africa is like China 20 years ago, you see where …

• Eastern Africa startups raised $1.2 billion in 2022 a 115 percent increase compared to 2021 where startups raised $600 million. 
• Western Africa, despite a small decrease in funding in the period under review, remains firmly in the lead in the continent.
• The region’s startups received funding worth $1.8 billion in 2022 from $2 billion in 2021. 

Eastern Africa startups raised $1.2 billion in 2022 a 115 percent increase compared to 2021 where startups raised $600 million. 

Latest data from The Big Deal indicate that this is a huge milestone as the region reached the $1 billion mark for the first time resulting in its revenue share for continental funding more than doubling from 12 percent in 2021 to 26 percent in 2022. 

According to the report, Western Africa, despite a small decrease in funding in the period under review,  remains firmly in the lead in the continent. The region’s startups …