Top African Countries: Startup Funding vs Population vs GDP

Top African Countries by Startup Funding (vs Population vs Nominal GDP)

Nigeria has attracted the most startup investment in Africa between 2019 and 2024, reflecting its status as both the continent’s most populous nation and one of its largest economies. However, funding leadership is not solely driven by market size. Kenya and South Africa, ranked seventh and sixth in population respectively, have consistently secured top positions in African startup funding. Their strong startup ecosystems underscore the importance of business-friendly policies, established innovation hubs, and investor confidence in attracting capital.

Some nations, however, are outperforming expectations. Senegal ranks 6th in startup funding, surpassing much larger economies like Algeria and Ethiopia. Similarly, Tanzania and Uganda make the top 10 despite having lower GDP rankings, proving that funding success isn’t dictated by economic size alone. Instead, factors like government support, regulatory ease, and well-connected investor networks play a decisive role in determining where startup capital flows in Africa.

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Micro, Small and Medium Enterprises contribute over 40% to Egypt’s economy, and account for over 75% of the country’s total employment. Entrepreneurship is critical to Egypt’s future. Today, Egypt consistently ranks as a top 3 tech startup ecosystem in both the MENA and Africa regions, based on funds raised by local startups. In this special report, we speak to the most active investors in Egypt and cover some of the country’s most successful startups to give you an inside scoop on how they are navigating the current VC winter, inflationary pressures and currency devaluation woes.

Top African Countries by Startup Funding (vs Population vs Nominal GDP)

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