Baobab Briefing: West Africa Funding Report Q1 and Q2 2020

Published 6 June 2020
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Technology companies in West Africa secured a total of $752.152 million USD during 2019, and 2020 has already seen $116.521 million USD raised to date. In spite of the uncertainty brought by the coronavirus (COVID-19) pandemic, and even localised challenges such as the restrictions placed on motorbike ride-hailing services in Lagos earlier in 2020, West Africa continues to attract both local and international investor attention.

2019 and 2020 have seen large raises across a number of sectors such as those closed by BitFxt, 54gene, Andela, Boomplay, Kobo360 and others. Much of this funding has been concentrated on companies based in Nigeria. But with initiatives such as the Senegal Start-up Act, which passed at the end of 2019, perhaps we are starting to see the rise of a far larger regional ecosystem?

In this report we take a closer look at some of the investment trends and companies across the West Africa region.

This report was first published in June 2020.