According to Disrupt Africa, a blog on technology and entrepreneurship in Africa, the continent’s start-up companies raised more than $129 million in 2016. South Africa, Kenya and Nigeria were the top destinations for angel funding followed by North African economies. For example, financing for Egyptian startups soared by 105%, turning the country into no. 4 most popular start-up investment destination on the continent.
Disrupt Africa informed that there has been a trend of investment returning to the region following years of political turmoil. Altogether, eight Egyptian startups raised $9.7 million in 2016 compared to $4.7 million in 2015. The country thus marked the largest increase of any African country that had more than five startups secure investment for the year. Moreover, the Egyptian government is also trying to support start-ups and, after South Africa, the country has the highest number of hubs and incubators in Africa. Egypt, with almost 160 million Internet users, is also the Internet center of the Arab world.
North Africa is further represented by Morocco and Tunisia when it comes to the number of tech hubs and the former has actually appeared on Disrupt Africa’s list for the first time with about $3.4 million raised for the local start-up companies. Moroccan hubs are mostly centered throughout the capital Rabat, the economic center of Casablanca, and even some seaside towns. Tunisia made its debut on last year’s list by bringing in half a million in fundraising.
