{"id":589237,"date":"2023-06-22T00:00:00","date_gmt":"2023-06-22T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/06\/22\/the-vc-hubs-of-africa-startups-in-egypt-nigeria-south-africa-and-kenya-continue-to-dominate\/"},"modified":"2023-06-22T00:00:00","modified_gmt":"2023-06-22T00:00:00","slug":"the-vc-hubs-of-africa-startups-in-egypt-nigeria-south-africa-and-kenya-continue-to-dominate","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/06\/22\/the-vc-hubs-of-africa-startups-in-egypt-nigeria-south-africa-and-kenya-continue-to-dominate\/","title":{"rendered":"The VC hubs of Africa: Startups in Egypt, Nigeria, South Africa, and Kenya continue to dominate"},"content":{"rendered":"

<\/span>Startups in Egypt, Nigeria, South Africa, and Kenya accounted for two-thirds of venture<\/span> capital investments in 2022<\/span>, according to <\/span>a report (pdf)<\/a><\/span> from the Global Private Capital Association (GPCA). Overall, the value of VC investments in Africa hit USD 2.8 bn in 2022, down from USD 3.2 bn the year prior, although the number of investments was more or less stable y-o-y, with 376 transactions recorded in 2021 and 371 recorded in 2022, according to the report. <\/span><\/p>\n

BY OUR COUNT-<\/span> Our internal trackers counted 94 investments in Egyptian startups in 2022,<\/span> marking a 24% increase from 76 in 2021. Local startups raised almost USD 507 mn throughout the year, up 36% from the USD 373 mn the year prior, according to our data. <\/span><\/p>\n

VC investments are growing in smaller markets in Africa:<\/span> At the same time that \u201cmajor<\/span> markets\u201d continued to reel in the vast majority of the continent\u2019s VC investment value, \u201cinvestment activity has increased outside of those hubs, with capital invested growing in 16 different African countries year over year,\u201d according to the report. Startups in French-speaking countries in particular raised \u201cnotable rounds,\u201d the report says, pointing to Senegal-based fintech startup Wave, which raised USD 200 mn in a <\/span>series A round in 2021<\/a><\/span> and secured a <\/span>USD 91.5 mn syndicated loan agreement<\/a><\/span> last year. Benin, Madagascar, and Sudan also recorded first-time VC investments last year, GPCA said. <\/span><\/p>\n

Fintech once again took the majority of VC investments across Africa last year<\/span>, although<\/span> its share of overall investments dipped five percentage points to 51% of overall VC funding in the continent to USD 1.42 bn, according to the report. \u201cVC activity increasingly includes startups with embedded finance capacities providing services across sectors,\u201d the report says. These businesses include examples such as Nairobi-headquartered <\/span>M-Kopa<\/a><\/span>, which last year received USD 75 mn in investments \u201cto further expand its \u2018pay-as-you-go\u2019 solar solutions for off-grid customers,\u201d as well as Nigerian mobility startup <\/span>Moove<\/a><\/span>, which secured financing from several VC players \u201cto expand vehicle financing into new markets.\u201d<\/span><\/p>\n

Where else did VC funding go?<\/span> Enterprise software and IT services, along with e-commerce<\/span> platforms and marketplaces, came in second place, with each accounting for 10% of VC investments in Africa during the year. Logistics tech fell back to third place with a 6% slice of the VC pie, followed by cleantech and mobility (5% each), healthtech (4%), and agtech (2%). <\/span><\/p>\n

Women-led startups are increasing, but their share of overall investments is dipping:<\/span> The<\/span> number of women-led startups (i.e. startups with at least one woman among its founders) in Africa grew to 61 in 2022, compared to 42 in 2021 and 24 in 2020, according to the report. However, despite growing as a percentage of the overall startup market, women-led startups\u2019 share of VC funding declined y-o-y. In 2021, women-led startups accounted for 21% of all startups and reeled in 18% of VC investments in Africa. Last year, they accounted for 25% of all startups, but only brought in 13% of VC investments. <\/span><\/p>\n

The western world gets more of the funding going towards women-led businesses:<\/span> \u201cFemale founders from North America and Europe captured 60% of capital deployed in women-led startups from 2019 to 2022,\u201d the report notes. <\/span><\/p>\n

Born and bred African startups are doing better than before:<\/span> Startups led by African<\/span> founders who were \u201ceducated exclusively on the continent\u201d secured a record USD 586 mn in investments last year, the report notes. \u201cIn Egypt, startup funding has been concentrated in locally educated founding teams, with alumni from international schools such as the American and German Universities in Cairo capturing 57% of VC funding in 2022.\u201d Last year, investments were concentrated in African startups with founding teams who were educated both locally and abroad, compared to the year prior, when African startups with founders who were educated exclusively abroad reeled in the largest share of investments. <\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

Smaller markets on the continent \u2014 including Francophone countries \u2014 are beginning to pull in more VC investment activity<\/p>\n","protected":false},"author":1,"featured_media":589238,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[8378],"tags":[10724,633,123,200],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-589237","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-startups","tag-africa-startups","tag-enterprisepm","tag-startups","tag-venture-capital","wpautop","entry"],"acf":{"mongo_id":"3242a371-4aba-49bf-89d4-2522fe8a8704","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2019\/6\/791.jpg","photo_position":"above","homepage_title":"","full_issue_title":"","related_issue":[589221],"teaser":"Smaller markets on the continent \u2014 including Francophone countries \u2014 are beginning to pull in more VC investment activity","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/6\/.4842113a-d08f-421b-8bd1-073b31bc8e3f.mp3"},"yoast_head":"\nThe VC hubs of Africa: Startups in Egypt, Nigeria, South Africa, and Kenya continue to dominate - 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Records were smashed\u2026","rel":"","context":"In "PLANET STARTUP"","block_context":{"text":"PLANET STARTUP","link":"https:\/\/enterpriseam.com\/egypt\/category\/planet-startup\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/1\/493.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":549520,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/09\/20\/cairo-angels-micro-vc-fund-nears-final-close-a-new-fund-in-the-works\/","url_meta":{"origin":589237,"position":2},"title":"Cairo Angels\u2019 micro-VC fund nears final close + a new fund in the works","author":"enterpriseam admin","date":"20 September 2022","format":false,"excerpt":"Angel investment group Cairo Angels will reach a third and final close of USD 5 mn on its micro-VC fund this quarter, CEO Aly El Shalakany (LinkedIn) told us, confirming news first published by Amwal El Ghad. The fund reached its second close earlier this year, after closing its first\u2026","rel":"","context":"In "Startup watch"","block_context":{"text":"Startup watch","link":"https:\/\/enterpriseam.com\/egypt\/category\/companies\/startup-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/9\/285.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":564537,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/02\/11\/egypt-was-africas-most-active-destination-for-vcs-last-year\/","url_meta":{"origin":589237,"position":3},"title":"Egypt was Africa\u2019s most-active destination for VCs last year","author":"enterpriseam admin","date":"11 February 2021","format":false,"excerpt":"Egypt was the #1 destination for venture capital last year when measured by the number of transactions announced, global venture capital outfit Partech said this afternoon in its annual report on VC funding for African startups (pdf). Egyptian startups accounted for nearly a quarter of all transactions on the continent\u2026","rel":"","context":"In "SPEED ROUND: INVESTMENT WATCH"","block_context":{"text":"SPEED ROUND: INVESTMENT WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round-investment-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/2\/441.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":553561,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/12\/08\/making-it-rain\/","url_meta":{"origin":589237,"position":4},"title":"Making it rain","author":"enterpriseam admin","date":"8 December 2021","format":false,"excerpt":"Cairo Angels announces first close on USD 5 mn micro-VC fund. Angel investment group Cairo Angels reached first close on its Cairo Angels Syndicate Fund (CASF), it said in a statement (pdf) yesterday, without putting a figure on the value of the commitments it locked in for the first close.\u2026","rel":"","context":"In "Startup watch"","block_context":{"text":"Startup watch","link":"https:\/\/enterpriseam.com\/egypt\/category\/companies\/startup-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/12\/254.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":542994,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/01\/30\/vc-outfit-tlcom-capital-eyes-egypt-plus-aman-taqa-eye-fintech\/","url_meta":{"origin":589237,"position":5},"title":"VC outfit TLcom Capital eyes Egypt. Plus: Aman + Taqa eye fintech","author":"enterpriseam admin","date":"30 January 2022","format":false,"excerpt":"Africa-focused VC firm TLcom Capital plans to enter Egypt with its new fund, which hit a first close of USD 70 mn, TechCrunch reports. The firm, whose portfolio companies are all based in Nigeria or Kenya, is looking to use the fund to branch out to other areas of the\u2026","rel":"","context":"In "Investment Watch"","block_context":{"text":"Investment Watch","link":"https:\/\/enterpriseam.com\/egypt\/category\/investment-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/1\/358.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/589237","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=589237"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/589237\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/afternoon\/589221"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/589238"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=589237"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=589237"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=589237"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=589237"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=589237"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}