Until now, total venture funding for African startups has passed the $500 m mark in 2020. That’s a German but African-focused investment firm, according to Maxime Bayen, a company builder at GreenTec Capital.
Bayen conducts surveys of African startups attracting investments. Yet most of his reports contain just $1 million or more sales.
Bayen announced 35 African startups have raised over $340 million in the first quarter of 2020.
Likewise, Briter Bridges, a consultancy for data analytics on tech ecosystems, posted similar figures to Bayen’s. Briter Bridges announced that the African startups raised about $350 m for the first quarter of 2020. That’s significantly higher than $300 m, the sum the consultancy announced in Q1 2019.
Also, the top four countries included South Africa with $112m; Nigeria, $74m; Kenya, $62m; and Egypt, $51m. These countries also received the lion share of Africa’s funding in 2019.