Entrepreneurship Industry News

Africa’s startups will build a stronger ecosystem with local funding

Startups in Africa’s three leading tech entrepreneurship markets—South Africa, Nigeria and Kenya—raised the most funding in 2016, like the year before. But this year, the total raised on the continent fell by 30.5% to $129 million, according to data collected by Disrupt Africa, from $185.7 million in 2015.

South Africa saw funding for start ups fall 14.6% to $46.8 million, Nigeria dipped 6% to $46.5 million while Kenya’s startup funding plunged by 78% to $10.5 million. Last year’s numbers for Kenya were skewed by M-Kopa’s $31 million funding.

There’s a silver lining to the data however. At 146, more African startups were funded in 2016 than in 2015.

Startups in Africa’s three leading tech entrepreneurship markets—South Africa, Nigeria and Kenya—raised the most funding in 2016, like the year before. But this year, the total raised on the continent fell by 30.5% to $129 million, according to data collected by Disrupt Africa, from $185.7 million in 2015.
South Africa saw funding for start ups fall 14.6% to $46.8 million, Nigeria dipped 6% to $46.5 million while Kenya’s startup funding plunged by 78% to $10.5 million. Last year’s numbers for Kenya were skewed by M-Kopa’s $31 million funding.

There’s a silver lining to the data however. At 146, more African startups were funded in 2016 than in 2015.

Read More : Quartz