African startup funding boomed in 2018

In 2018, African startups have done particularly well in attracting funding for their operations. The 2018 venture investment report by WeeTracker shows that the total funds they raised was about four times the amount of 2017.  

Quartz reports that a record $725.6 million across 458 deals was poored into African startups.

In addition to the almost four-fold increase in funding received by African startups the number of funding deals more than doubled. Also, the amounts have increased. Startups on the continent are increasingly being recipient of big-ticket rounds of over $5 million. The top ten deals jointly accrue to $457 million and accounted for 61% of total funding received.

According to the report, investor confidence in startup businesses has increased across the continent’s major hubs.

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