Wrapping up 2019

Wrapping up 2019

17 December 2019


In March we launched vc news africa with the aim of creating a platform that would amplify venture capital activity across the continent; create a conduit for investors to meet entrepreneurs; and finally to enable startup / founder collaboration. Over the past 10 months, we have managed to meet our targets by growing our global subscribers and facilitating venture capital deal flow.

Here are noteworthy startup, venture capital and technology highlights from 2019:

  • Earlier this year we learnt that in 2018, 146 African tech startups had raised $1.163 billion in equity funding over 164 rounds, marking a 108% year-on-year growth in funding raised by tech startups on the continent. (Partech report)
  • Pan-African e-commerce startup Jumia became the first African startup to list on a major global exchange, when it listed its shares on the New York Stock Exchange.
  • South African company Naspers Limited created Prosus a spin-off of its internet assets, which was listed on Amsterdam’s Euronext Exchange, unlocking $10 billion of value for its shareholders.
  • African internet users reached 525 million people in July, surpassing North America (327 million) and the Middle East (174 million) combined. The number of African online users is already larger than in Latin America (448 million) and at current growth rates could eclipse Europe (719 million) as internet penetration on the continent grows.
  • CEOs of some of the world’s leading companies Jack Ma (Alibaba) and Jack Dorsey (Twitter & Square) visited a few African states, to learn about the continent and aid entrepreneurship.
  • Nigerian fintech company Interswitch reached unicorn status, securing investments from Chinese investors and Visa.

As we look forward to 2020, we encourage all African entrepreneurs to embrace Jack Ma’s attitude towards entrepreneurship by forging ahead and having the courage to build sustainable businesses that solve African problems, “I always believe when everything is ready it’s too late. Entrepreneurs do the things before everything is ready.”

Happy holidays! Thanks for subscribing, the next vc news africa publication will be on Tuesday, 28 January 2020.

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