According to Baobab Insights, as of 17th December 2020, the total investment into African startups in 2020 was $1,213 billion. This is some way behind the total recorded in 2019 ($1,987 billion) and slightly behind the 2018 total ($1,328 billion).
The total number of unique companies that received investment has only slightly decreased from 429 in 2019 to 426 in 2020. So, perhaps the narrative that African technology startups copy and paste Silicon Valley business models might not be entirely true. We have seen companies like Yoco growing exponentially and Nigeria's Paystack being acquired by Stripe.
So how can a startup founder ensure they secure VC investment?
In this episode of The Tefo Mohapi Show, Craig McLeod, CEO of BoxCommerce shares with us what it takes to build a tech startup that scales. Craig also shares insights on venture capital, the importance of having the right team, and more.