Five of Africa’s seven “unicorns” (startups valued at more than $1bn) won their horns last year
Save time by listening to our audio articles as you multitaskSuch attitudes are rarer these days. Last year 604 African startups raised a total of $5.2bn, according to the African Private Equity and Venture Capital Association , an industry group. This was more than the total invested in the seven preceding years . Though just a fraction of the $600bn invested globally byfunds, it was a sign of changing attitudes towards a continent that lacks capital and needs more businesses.
Capital may soon be harder to come by. “Fundraising will be much tougher,” says Marlon Chigwende of Admaius Capital Partners, a fund based in Rwanda. “Africa ends up being one of the last places to look and one of the first places that will get pulled back.” That may end up being the case, but there is not yet a slowdown.
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