African tech companies enjoyed their best funding year to date, according to an industry analyst. The African Tech Startups Funding Report, now in its fifth year, revealed that 311 firms on the continent received $491.6 million – a rise of 47% on 2018.
Kenya and Nigeria are Africa’s biggest tech winners, claiming $149m and $122m of the total amount respectively. The number of Africa-based investors has grown by 61% to 261, the report showed. South Africa’s growth, meanwhile, slowed – despite its government’s plans to develop Africa’s largest tech hub, announced last February.
The total sum still places Africa well behind regions such as Latin America ($2.6bn in Q1 2019 alone) and Southeast Asia (almost $6bn in Q1 2019). But the continent’s sharp rise in fortunes demonstrates a region whose startups are beginning to gain global traction.