Investment in African Startup eyes 10bn In 3 Years

According to a study by World Mobile, a blockchain-based mobile network operator, investment in ICT startups in Africa will treble by 2025, hitting $10 billion.

The study, which surveyed African business executives, predicted a rise in start-up expenditure on technology as FDI and better internet access transform Africa into a tech superpower.

“More than half (54%) of African senior executives expect spending on tech start-ups on the continent to more than double by 2025 to $10 billion or over compared with the $4.9 billion raised last year. While around one in six (16%) believe more than $15 billion will be raised.”

Six out of ten (57%) respondents agreed that dramatic improvements in internet connectivity would be the main support for expansion as it drives business, education, and healthcare, even though about three-quarters (75%) thought the investment would come from western nations and 66% were banking on China as a major source of investment.