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African tech startups raised $560 million in VC funding in 2017

Milcah Lukhanyu by Milcah Lukhanyu
3 years ago
in Funding, Startups
5 min read
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African tech startups raised $560 million in VC funding in 2017, a 53% YoY Growth as African entrepreneurs leverage tech and digital to tackle the continent’s fundamental challenges, said a new report from Partech Ventures.

The report, says 124 African tech start-ups raised a total of US$ 560 Million in equity through 128 rounds, compared to US$ 366.8 Million in 2016, a +53% growth YoY and 14 times growth multiple since 2012.

Investment in digital-only (minus off-grid) start-ups in Africa almost doubled $ 440 Million in 2017 from $ 231 Million in 2016.

According to Cyril Collon, General Partner at Partech Ventures, “The ongoing transformation of the VC tech space translates in the number of start-ups that were funded. In 2017, it has jumped to a total of 128 rounds (Seed+ to Growth stages) from 124 African tech start-ups, compared to 77 rounds last year from 74 start-ups; a +61% growth YoY in the number of VC-backed tech start-ups.”

The report adds that South Africa, Kenya and Nigeria were the top three investment destinations with 76% of the total funding, down from 81% in 2016. Off-Grid Tech, Fintech & E/M/S-Commerce led the pack with 61% of the total funding, down from 72% in 2016.

Off-Grid Tech raised $120M in 13 deals and 21% of total funding in 2017 from $134 Million in 2016. Debt financing for growth capital added $117 Million to the sector. Fintech stood at $119M in 29 deals and a 21% of total funding while InsurTech raised $14M in 4 deals and a 2.5% of total funding.

The report shows that Online & Mobile Consumer Services raised $236 Million, accounting for 42% of the total raised. The 4 main sub-verticals included E/M/S-Commerce at $105M with 19 deals at 19% of funding, EdTech at $65M with 5 deals at a 12% of total funding while Personal Services raised $41M in 16 deals amounting for 7% of total funding and HealthTech raised $21M in 7 deals at 4% of total funding.

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B2B & Tech Adoption accounted for 13% at US$ 71 Million, compared to 3,3% last year, across 20 transactions. Enterprise startups raised $60M in 3 deals amounting for 11% of total funding, 23 deals while connectivity startups raised US$10M  in 3 funding deals amounting to 2% of total funding.

The total funding going to Seed+ and Early Stage (Series A & Series B) grew by 86% YoY to reach US$ 371 Million in 2017. In 73 transactions, the Seed+ round size is US$0.91M in 2017 compared to US$ 0.83m in 2016. Series A round is $4.5M in 2017 while Series B is US$10.5M

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Tags: AfricaFundingVenture Capital
Milcah Lukhanyu

Milcah Lukhanyu

Milcah Lukhanyu covers daily news briefs at TechMoran. She is the person who will probably read your press release and get the story out of it or totally trash it. Send tips to [email protected]

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