Last month DEMO Africa took place in Lagos, Nigeria, with 30 tech startups pitching to an audience of investors. The event—one of the biggest of its kind in Africa—is only its fourth year, but in that time the startup landscape has changed enormously.
Back in 2012, investing in the continent was still considered a risk, and there were few success stories to convince investors otherwise.
However, last year, startups listed on the online funding platform VC4Africa raised $26.9 million, more than double the amount in 2013. And that’s just a drop in the ocean; the total of venture capital invested was more likely closer to $500 million, considering sizeable funding rounds for the e-commerce companies Jumia, Konga and Takealot.