According to a report released by Partech Ventures, a leading international venture capital firm, the total amount of funds raised by African tech startups last year stood at US$ 366.8 million.
This figure represents a more than 30 percent increase from the previous year – the total funds raised in 2015 totalled US$ 276.5 million.
The US$366.8 million was raised by 77 startups with those from South Africa having the highest number of deals (28 or 36.4% of total transaction), followed by Kenya with 21 (or 27.3%) and Nigeria with 13 (or 16.9%).
In terms of total funds raised however, Nigerian startups leads the way with US$109 million (or 29.8% of total investment). South African startups follow closely with US$ 96 million (or 26.4% of total) while Kenyan startups raised US$ 92 million (or 25.3% of total).
It should be noted that tech startups from these three countries raised 79.4% (or 297 million) of the total funding.
As per sectors, the report stated Off-Grid Tech, FinTech & E/M/S-Commerce attracted 72% of the total investment with Financial Inclusion accounting for 56.2% (US$ 206.3 million across 28 transactions).
Online & Mobile Consumer Services accounted for 40.5% (US$ 148.5 million across 36 transactions) of the total investments while Tech Adoption stood at 3.3% (US$ 12 million across 13 transactions).
The report, which is the third to be released by Partech, contains other interesting information on the funding landscape in Africa last year. You can download a full copy here to see for yourself.
The findings were based on market research, publicly available data and Partech’s trusted relationships within the technology ecosystem in Africa, and it’s quite incredible considering certain types of deals and startups weren’t considered.