African FinTechs raised a record $195m in 2017
2017 was the best year on record for the continent's tech startups
Africa’s tech revolution is picking up speed, with 2017 proving the best year on record for the continent’s tech startups as investment topped $195 million over the course of the year.
New research by entrepreneurship portal Disrupt Africa shows that in 2017 the number of African tech startups to raise funding hit 159 - up from 146 companies in 2016. In 2015, only 125 startups managed to attract investment. Investor confidence and willingness to back African tech ventures is clearly accelerating.
The total funding raised by these companies – $195 060 845 – also marks a 51% rise on the previous year’s figures, taking investment into African startups to an all-time record high.
“The tech entrepreneurship ecosystem is really coming into its own across Africa. There have been years of speculation as to whether the tech-first Africa narrative is real or just hype, but these numbers emerging in our research show undeniably that African startups are impacting all aspects of daily life and service delivery,” says Gabriella Mulligan, co-founder of Disrupt Africa.