African startups raise $5 billion in 2021, double 2020 investments

2022-04-07 16:53:56
African startups raise $5 billion in 2021, double 2020 investments

Africa’s tech startups raised a record $5 billion in 2021, double the investment in 2020, as global investors sought to tap into the growing opportunities on the continent.

According to the latest Africa Investment Report by Briter Bridges, 500 African startups raised a combined $5 billion, reflecting a surge of investor confidence in the continent's market despite the Covid-19 pandemic.

Financial technology had the largest preference among investors, capturing about 10 per cent of total investments into the continent.

This, analysts say, could be evidence of the growing opportunity as fin-tech is expected to drive financial inclusion, access to capital among other factors.

Other sectors with healthy investor response included logistics, clean energy, innovative healthcare, agriculture and e-commerce.

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