African startups attracted a record high of $1.34 billion in venture capital during 2019, with fintech seeing $678.73 million alone, according to WeeTracker.
Its Decoding Venture Investments In Africa 2019 Report found that 427 startups raised funding throughout the year, and a mere 6% of these accounted for 83% of the total investments.
Over 75% of the deals were in Nigeria, Kenya and South Africa, the report found, with fintech continuing as the sector that attracted the most funding.
Nigeria led the investments with $663.24 million, followed by Kenya and South Africa.
Kenya had 283.64% growth over the previous year’s funding amount, WeeTracker found. Nigeria and Kenya accounted for $1.09 billion or “a whopping 81.49% of the total VC money raised in Africa”.
In 2018 African startups raised $725.6 million, and $203 million in 2017. Forbes