Venture Capital in Africa: Third Edition 

2021 AVCA’s Venture Capital in Africa report presents an overview of the venture capital ecosystem. It provides an analysis of the latest trends and development of Africa’s start-up investment landscape and the profile of the investors active on the continent.

Key findings:

  • Each investment stage witnessed annual growth, but late-stage deals (Series C+) saw triple digit acceleration.

  • By geographic focus, West Africa charged forth in 2021, buoyed in large part by the significant deal activity that took place in Nigeria.

  • African tech took centre stage in 2021: 81% of VC deals in 2021 were in technology or technology-enabled companies operating across a variety of sectors.

  • 16 super-sized deals (with a combined value of US$2.6 billion) took place in 2021, raised from 15 unique companies.


A sleeping giant no longer, Africa’s economic revival is imminent. The sanguinity of 2020, which saw elevated deal volume but depressed deal value, has now given way to unbridled optimism following the double-digit growth the industry witnessed in 2021. The rising tide of venture capital in Africa in 2021 illustrates the industry’s transition through the tumult of the last two years, having successfully transitioned from recovery and resilience to results.

The third edition of AVCA’s Venture Capitalin Africa report chronicles the maturation of Africa’s entrepreneurial space between 2014 and 2021. In doing so, this report exemplifies AVCA's commitment to being part of Africa’s growth story by providing independent industry research that supports actors on both the supply and demand sides of capital.

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