Tech start-ups in Africa raised $129-million in funding in 2016

‘This displays substantial growth in the number of startups to raise funding as compared to the previous year, although the overall total amount of funding recorded declined,’ said Disrupt Africa co-founder Tom Jackson.

‘The number of startups that raised funding increased 17% from 125 to 146. This demonstrates increasing interest in African tech startups in a variety of sectors, while it is refreshing that a greater percentage of those startups came from outside the big five – South Africa, Kenya, Nigeria, Egypt and Ghana,’ Jackson told me.

But, the report found, the total amount of funding fell. ‘More startups are raising smaller rounds. It is the end of irrational money, and an upturn in angel investing from both at home and overseas,’ he adds.

Gabriella Mulligan, co-founder of Disrupt Africa, added: ‘2016 was another great year for African tech startups and investors. Our ecosystem progressed in leaps and bounds over the course of the year, which is evidenced by strong growth in the number of startups raising funding, and an encouraging expansion of ecosystem activity across the continent.’

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