Africa’s technology-dominated start-ups will continue to attract investment, even if at a slower pace, after record venture capital funding in 2021.
In 2021, Nigeria and SA led the way as investments surged to $5.2bn, according to Cape Town-based Futuregrowth, which oversees about $12bn across a number of asset classes. The financing will likely slow in the months ahead as US investors, who brought in most of the money in 2021, retreat amid a global market downturn.
International funds, including Tiger Global, Softbank, Andreessen Horowitz, General Atlantic, Social Capital, Quona Capital Management and Dragoneer Investment, have invested about $4bn in African start-ups in recent years, according to Futuregrowth. Nigeria and SA attracted the most funds in 2021, followed by Egypt and Kenya. Senegal and Ghana are also putting themselves on the start-up map, according to Futuregrowth research.
“With deep local capital markets that in recent years have started to allocate to venture, SA is not as reliant on foreign funding compared to other African markets,” he said. “Their local markets have far less depth.”
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