The African startup scene has seen an unprecedented boom over the last couple of years. According to Big Deal, a database that keeps track of startup funding, over $4 billion was raised by African startups in 2021 (and this is only considering deals that are worth over $100 000). Bloomberg estimates this number to be over $5 billion, and both these numbers represent a record for the continent. If this serves as an indication of what is to come, startups in Africa are on their path to receiving even more funding as they continue to innovate, and the continent becomes a world leader in several sectors across the board.
What is the series about?
There are many startups in Africa that are breaking new ground in various industries. We believe that it is our duty (and that of many others) to make sure that everyone around the world gets to know about these startups, what they are doing and how it could lead to the transformation of this continent. At AfriBlocks, one of our core values is that we always want to support African talent in any field and as such, The Building Blocks Of Africa Series will give us a platform through which we can tell the world about the great startups that exist on this continent.
We live in an era where the landscape of work has changed and there are high unemployment rates across the world. According to the UN, the global unemployment rate went up by 1.1% in 2020, with an estimated 220 million people being unemployed. In the case of Africa, there is an even greater need for innovative solutions that solve the issues of unemployment that many face. Africa has the youngest population in the world, with about 60% of the continent’s population being under 25 as of July 2020. This means that there is a large and capable workforce on the rise in Africa and if the continent is to rise to meet its potential, African startups have a job to do.
In 2021, the number of Fintech startups that have their headquarters in Africa was estimated to be around 576. When you consider that this is the number of startups in the Fintech sector alone, the fact that there are several booming startups on the continent becomes clearer. While we cannot mention every single one of these startups, we have taken it upon ourselves to identify some of those that are excelling in the different fields in which they operate. These startups will be critical in supporting a booming young population through the services they provide and through the creation of jobs that can sustain the continent.
As this series finds its feet and roars to life, it is our hope that you, our readers, learn more about the different startups in Africa, what their mandate is and how you can be a part of their amazing journey towards becoming one of the blocks that are building the future of the continent. See you next week as we begin the journey of discovering the building blocks of Africa.
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