Africa’s Startup Funding rank by country(2015–2023)

Analyzing key metrics of the ‘Big Four’

The report indicates a great variation between the ‘Big four’ (Nigeria, Kenya, Egypt, and South Africa) and the rest of Africa.

While South Africa was the initial paradise of Startups in Africa, it has since fallen behind Kenya, Nigeria and occasionally Egypt.

Nigeria, having registered a hugely significant rise in 2022, fell by half that amount in 2023, where Kenya ($800m), Egypt ($640m), and South Africa ($600m) were the big winners.

the big four and the rest of Africa

Fintech is leading in the number of startups as well as the amount of funding and is at the forefront in Nigeria, Egypt and South Africa. In Kenya however, E-commerce takes the top spot, also becoming the second best performing sector in the continent, followed by E-health, in which case Nigeria, Egypt, Ghana, Kenya and South Africa perform in that order.

Albeit the top performer, Fintech’s accumulation of funding is growing at a slower pace compared to the other ventures, with the top spot taken by Restaurant tech.

Rank by growth in accumulation of funding

1. Restaurant tech
2. Automotive
3. Entertainment

Kenya leads in the gender equity category, with women founders in Kenya making up just over 1/4 of the total population of founders.

Egypt ranks highest in the number of jobs created in the continent.

Ranking by rate of employment

1. Egypt
2. Kenya
3. Nigeria
4. South Africa