In the dynamic landscape of African entrepreneurship, the "Big Four" have emerged as the titans of venture capital attraction, with Nigeria leading the charge. Since 2019, Nigeria has been a magnet for investors, securing over a third of the continent's total funding, amounting to a staggering $4.2 billion according to Africa: The Big Deal. This financial influx has positioned Nigeria as the colossus of African startup ecosystems, far outpacing its closest competitors, Kenya, South Africa, and Egypt, which are engaged in a tight race for second place, each vying to close the gap with the Nigerian powerhouse.

Beyond the Big Four, a constellation of seven other markets has also made significant strides, each amassing over $100 million in funding within the same period. This group includes Senegal, Ghana, Algeria, Tanzania, Tunisia, Uganda, and the Democratic Republic of Congo (DRC), listed in descending order of their funding achievements. Ghana, in particular, stands out with an impressive track record of 42 deals exceeding $1 million each since 2019. However, it's worth noting that the financial success of some countries in this cluster is often skewed by a limited number of high-value deals, with nations like Algeria and Senegal relying heavily on a few, or in some cases, a single venture to bolster their funding statistics.

Another noteworthy group comprises six countries that, while not crossing the $100 million threshold, have consistently attracted at least $500,000 in monthly funding on average over the same timeframe. This list includes Benin, Morocco, Cote d'Ivoire, Rwanda, Ethiopia, Cameroon, and Zambia. Morocco, in particular, deserves special recognition for its diversified funding landscape, where no single deal monopolizes the investment scene. The country has seen 22 deals surpassing the $1 million mark since 2019, a figure that outshines most of its peers in the aforementioned $100 million club.

At the other end of the spectrum, 11 markets have raised less than $25 million since 2019, with some barely touching the funding surface. Zimbabwe is a slight exception, with nine startups tracked for activity since 2019, while the remaining countries have between one to three startups with recorded activities.

Regrettably, 20 countries remain conspicuously absent from the funding map, with no recorded investment activity since 2019. This stark absence underscores the disparities in the distribution of venture capital across the continent and highlights the need for a more inclusive approach to supporting entrepreneurship across all African nations.

Image Source (Africa: The Big Deal)