Last year, the number and size of venture capital transactions in Africa increased. According to a recent report by the African Private Equity and Venture Capital Association (AVCA), the number reached 139 in 2019, up from 114 the previous year, and the amount was $1.4 billion, up from $0.7 billion in 2018.
Over the 2014-2019 period, Africa attracted a total of $3.9 billion in 613 VC transactions. The southern part of the continent accounted for 25% of the transactions in terms of number, followed by East Africa (23%) and West Africa (21%). The top five countries, respectively South Africa, Kenya, Nigeria, Egypt, and Ghana, accounted for 65% of the number of deals.
It should be noted that most of the funds were invested in consumer goods companies, companies providing financial services, and the industrial sector.