Venture Capital investments in Africa are not uniformly balanced. In fact, the big four of Nigeria, Egypt, Kenya and South Africa have accounted for at least 70% of all VC investments in Africa over the past decade. 

There are so many reasons why VCs invest in startups in some countries over investing in startups in others. Some of these reasons may be purely reliant on the quality of startups that come from one country over the others, but sometimes, the country is important. So what makes some countries, VC-friendly, and others unattractive? Several factors come into play:

1. Market Size and Growth Potential: Countries with large and growing markets are often more attractive to VCs. Nigeria, Egypt, Kenya, and South Africa, known as the big four, have sizable populations and expanding economies, presenting significant market opportunities for startups.

2. Economic Stability and Regulatory Environment: VCs prefer countries with stable economic conditions and favourable regulatory environments for business. Political stability, low corruption levels, and clear legal frameworks contribute to investor confidence.

3. Infrastructure and Connectivity: Access to reliable infrastructure, such as transportation, energy, and telecommunications, is crucial for startup growth. Countries with well-developed infrastructure and high connectivity tend to attract more VC investment.

4. Talent Pool and Innovation Ecosystem: The presence of a skilled workforce, including technical and entrepreneurial talent, is essential for startup success. Countries with robust innovation ecosystems, including universities, research institutions, and startup hubs, are more likely to attract VC investment.

5. Government Support and Incentives: Government policies and incentives aimed at supporting entrepreneurship and innovation can significantly impact VC investment. Measures such as tax incentives, grants, and startup-friendly regulations can attract investors to certain countries.

6. Access to Capital: The availability of capital, including both VC funding and other forms of financing, influences investment decisions. Countries with well-established financial systems and access to capital markets offer more opportunities for startups to raise funds.

7. Cultural and Social Factors: Cultural attitudes towards risk-taking, entrepreneurship, and failure can affect the startup ecosystem's vibrancy. Countries that embrace entrepreneurship and innovation tend to attract more VC investment.

8. Sectoral Focus and Specialization: Some countries may have specific strengths or specialization in certain industries or sectors, making them more attractive to VCs interested in those areas. For example, Kenya is known for its thriving fintech sector, while South Africa has a strong presence in healthcare and biotechnology.

By considering these factors, it becomes evident why certain countries emerge as more VC-friendly than others. However, it's essential to recognize that the landscape is continually evolving, and factors such as geopolitical dynamics, technological advancements, and global economic trends can also influence investment patterns over time.