The rise in demand for fintech innovation and influx of foreign investors have propelled Africa to continue its blistering pace of VC dealmaking from last year.
Five years ago, African startups pulled in less than $500 million in investment from venture capitalists, according to PitchBook data. That number soared to more than $2.2 billion in 2021—setting a massive record year for both deal value and deal count for the continent.
Here's a closer look at the latest data amassed by PitchBook, depicting how the momentum has carried over into 2022, with Kenya and Egypt leading the pack with more than 52% of total capital raised by African startups so far this year.
Featured image by Adam Gault/Getty Images
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