By Tom Jackson
The African startup ecosystem has been growing for years, and 2018 was the best year yet for startup funding,
More startups — a total of 210 recorded — raised more funding (32 percent more) than ever before. These 210 startups secured $334.5 million in funding — up 72 percent compared to 2017.
As the reputation of various African tech ecosystems grows and the number of success stories multiplies, investors are increasingly backing innovative tech solutions with hard cash, according to the latest edition of the annual African Tech Startups Funding Report, released by Disrupt Africa.
Increased faith in Africa-based entrepreneurs is further demonstrated by a significant rise in the average amount of funding raised by each business. This hit a new high of almost $1.6 million in 2018, with investors increasingly willing to provide startups with the levels of capital they need to grow into massive addressable markets.
Nigeria stakes its claim
Within these headline funding figures, however, there are further developments of note. For years now, conversations have hyped Nigeria’s potential to emerge as a tech powerhouse, with its massive market and huge number of issues that can be addressed by innovative technologies. Growth, however, was not Click here to read entire article