Despite a downturn in Africa’s economy for the first time in 25 years in the wake of the global pandemic, investor interest in the continent’s tech ecosystem remained strong in 2020 as startup funding crossed the $1 billion-mark again as it did for the first time in 2019.
Investors poured at least $1.3 billion of venture capital, including undisclosed rounds, into African startups with around $1.07 billion of these deals publicly disclosed, a 14.4% decrease from the $1.25 billion deals announced in 2019, says a new report from Briter Bridges.
A large number of deals went undisclosed topping $243 million much more than 2019’s $21.7 million.
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