We start the new year on an optimistic note with 2020 funding reports showing that despite the COVID-induced global economic slowdown, interest in the African tech ecosystem has not flagged; funding to startups exceeded $1 billion. Fintech and Clean Energy drew the most funding, with Kenya, Nigeria, South Africa and Egypt as the top destinations. Exit options have also grown in the last year, with mergers and acquisitions surpassing $1 billion in value. On the public market side, Jumia’s rally from less than $1 billion in market capitalization last year to over $4 billion further enhances positivity. On VC and tech growth in the region, our co-founder Eliot Pence has some predictions for the year.
The new Administration in Washington is generating new enthusiasm for reengaging with African nations and new initiatives are being explored.
Insiders in The News
News Highlights
- Africa’s tech hubs giving universities stiff challenge
- How to Restore U.S. Credibility in Africa
- Tech investors eye Africa’s education and financial sectors
- African free trade bloc opens for business, but challenges remain
- How fintech and serial founders drove African pre-seed investing to new heights in 2020
Twitter Conversations
- Ryan Denehy’s tweet that Africa’s startup activity goes largely unnoticed by the US generated a lot of eye-opening responses to counter his argument- check them out.
- An interesting conversation on GDP in Nigeria in relation to an inefficient public electricity system.
- A thread of ‘Rules of thumb that simplify decisions’.
For more interesting tweets and to easily keep a finger on the pulse of Africa’s tech space via Twitter, you can follow our lists on: African Tech, Africa Business Media, African Tech Media and African Tech VCs.
Upcoming Events
- Innovation Arabia: February 22nd – 24th
- 6th Africa Mini Grids Summit: February 25th – 26th
- CERAWeek: March 1st – 5th
- Sankalp Africa Summit: March 2nd – 4th
- Women’s Private Equity Summit: March 10th – 11th
- Blockchain Africa Conference: March 18th – 19th
- Impact Investing World Forum: March 22nd – 23rd
- GTR West Africa: March 24th – 25th
- Techpoint Africa Digital Currency Summit: March 25th
- IOT Forum Africa: March 25th – 26th
Resources
- Briter Bridges’ Africa’s Investment Report 2020.
- Maxime Bayen’s database(Paywall) of funding deals closed by startups in Africa between January 2019 and December 2020.
- Weetracker’s The State Of FinTech In Africa – 2020
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