Africa’s investor and entrepreneur network VC4Africa has today announced that it has raised over $12 million in funding for 92 companies listed on its platform, making it the largest venture capital network on the continent.
The findings released in survey byVC4Africa was conducted online with over 800 entrepreneurs participating. Though just 160 entrepreneurs responded, a 20% response rate, the platform found that 92 of the 160 ventures had secured nearly $12,000,000 in funding.
The report also found that early stage companies registered with VC4Africa secured USD $80,000 in funding vs. expansion companies that secured USD $237,000. The report also shows that there is about an 75/25 split for Commercial vs. Grant funding the companies have been able to secure to date, indicating that 75% of the ventures that join VC4Africa are pre-revenue startups while 25% join as ventures seeking growth and expansion capital and by the second operating year, 64% of the ventures had succeeded in generating revenue.
The survey also indicates companies registered on VC4Africa employed over 2,200 this year compared to over 440 people last year.
VC4Africa’s vision is to enable African entrepreneurs and investors to find each other online. VC4Africa aspires to become the preeminent social network for entrepreneurs and investors focused specifically on innovative business opportunities across the African continent.
You can read the full report here.