Start-ups in Africa have raised over KShs. 100 billion in the first quarter of 2022, breaking the record established in the third quarter of 2021 by just a few million. Compared to last year, there’s been 2.5x more funding raised in Q1-22 than in Q1-21.
However, despite the huge growth, funding flowing to African start-ups is still a drop in the ocean of global venture funding representing just one per cent of global venture funding.
“Governments in Africa must invest in this space through reducing the burden of regulation, embedding incentives within legislation and investing in science and technology skills,” Mumo added.
The 7th edition of Digital and Technology Week (DTW) 2022 formally Social Media Week attracted over 600 participants in Africa.
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