Nigeria tops africas start up investment deals with 684 4m in 2019
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According to a report by Partech Ventures, a leading venture capital firm, Nigeria topped Africa's startup investment deals in 2019 with a total of $684 million. This is a significant milestone for the Nigerian startup ecosystem, which has been gaining momentum in recent years.
The report highlights that Nigeria accounted for 24% of the total startup investment deals in Africa in 2019, followed by South Africa, which accounted for 20%. Other countries, such as Egypt, Kenya, and Morocco, also saw significant investment activity.
The report attributes the growth in startup investment in Nigeria to the country's large and growing population, as well as its rapidly expanding middle class. Additionally, the government's efforts to promote entrepreneurship and innovation, such as the establishment of the National Information Technology Development Fund (NITDF), have also contributed to the growth of the startup ecosystem.
Some of the notable startups that received significant investments in Nigeria in 2019 include:
- Andela, a software development company, which raised $50 million in Series C funding.
- Flutterwave, a fintech company, which raised $35 million in Series B funding.
- OPay, a fintech company, which raised $20 million in Series A funding.
- Paystack, a fintech company, which raised $8 million in Series A funding.
These investments demonstrate the growing confidence of investors in the Nigerian startup ecosystem and the potential for startups to drive economic growth and job creation in the country.
It's worth noting that while Nigeria topped the list of startup investment deals in Africa in 2019, other countries, such as South Africa, Egypt, and Kenya, also saw significant investment activity. The report highlights the importance of a supportive ecosystem, including government policies, infrastructure, and talent, in driving startup growth and investment.
Overall, the report is a testament to the growing potential of the African startup ecosystem and the opportunities that exist for entrepreneurs and investors alike.