• African tech start-ups raised $1.16 billion in equity in 2018, according to Partech 2019 report.
  • Most of the tech startups are in Kenya, Nigeria and South Africa with 78% of the total equity funding in 2018.
  • The 2018 equity funding recorded 108% growth compared to 33% in 2016 and 53% in 2017.

African tech startups raised a total of $1.163 billion in equity deals in 2018 with Kenya, Nigeria and South Africa receiving 78% of the total funding.

In its 2018 report on the financing of African Startups, Partech said the funding was 108% year-on-year growth compared to +33% in 2016 and +53% in 2017.

The report, in its third year, covers equity deals in tech and digital spaces, and funding rounds higher than $200,000 and lower than $100 million. Deals covered are both disclosed and undisclosed and the report only includes African start-ups.

“It’s quite simply astonishing. When we started our journey to create the Partech Africa Fund in 2015, we had anticipated the $1 billion mark to be broken by 2020. We are now already 2 years ahead of our projections," says Cyril Collon, General Partner at Partech Africa Fund.

Here's the breakdown of the funding across seven African countries:

7 African countries with the most equity funding for tech start-ups in 2018 7 African countries with the most equity funding for tech start-ups in 2018

1. Kenya

  • Equity funding: $348 million
  • Deals: 44

2. Nigeria

  • Equity funding: $306 million
  • Deals: over 26

3. South Africa

  • Equity funding: $250 Million
  • Deals: 37

4. Tanzania

  • Equity funding: $75 million
  • Deals: 6

5. Egypt

  • Equity funding: $67 million
  • Deals: 19

6. Malawi

Equity funding: $28 million

Deals: 1

7. Senegal

  • Equity funding: $22 Million
  • Deals: 4