More than 70% of African tech start-ups are generating revenue, 23% of which raise approximately US$50 000 a year.
This year’s edition of the Venture Finance in Africa report – which collected data from 591 tech start-ups across 48 African countries – shows that 42% of the ventures received outside funding.
Even though average investment is higher in South Africa than in both Nigeria and Kenya, tech start-ups based in Nigeria secured the highest number of investments at 90, compared to just 52 in 2016.
According to a Disrupt Africa report, the survey found that established and emerging ventures are often set up by slightly larger founding teams, compared to less developed ones, and 65% of the start-ups have multiple founders, with 46% having a female founder in the team.
