Africa is experiencing an increasing number of startups, with countries like Egypt, South Africa, Nigeria, Kenya and Rwanda leading the way. The increased number of startups also come with a lot of diversifications with respect to industries.
Industries like Agriculture, Fintech, Real estate are leading the way. It is no surprise that more VC (venture capital) companies are looking for opportunities to invest in startups in Africa. More startups have been able to complete the Y-combinator program and also raise from Series A, B and C.
According to a new report from AfricArena, venture capital funding for African businesses would hit a new high of $2.25 billion to $2.8 billion this year.
VC investment is expected to soar by 2025, topping $10 billion, despite a slowdown in growth in 2020.
Another milestone was recently reached in the African venture funding space. A Nigerian based firm, Ventures platform, announced the first close of its $40 million pan-African funds.
Founded by Kola Aina, one of Nigeria’s most active investors, the fund has made 69 investments since 2016. Venture Platform news will come the day after another pan-African venture capital firm, 4DX Ventures has secured a final $60 million close.