Tech start-up funding surpasses $700m in Nigeria, others
Temiloluwa O’Peters
The year 2020 was a record-breaking one for African tech start-ups, with 397 companies securing $701.5m worth of investments.
According to the sixth edition of the annual African Tech Start-ups Funding Report 2020 released by Disrupt Africa, 2020 was a record year for investment into the African tech start-up ecosystem, with more start-ups raising more money from more investors than ever before.
The report found that despite the COVID-19 pandemic, the number of startups and the total funding gathered were up substantially on the previous year, with the number of funded start-ups increasing 27.7 per cent as against 2019, and the funding total growing by 42.7 per cent.