Funding for African eCommerce appears to have not only shifted gears but also switched sides.
Ever since 2012 when JUMIA was founded in Lagos, Nigeria has been the brightest spot for eCommerce in the continent—funding and activity-wise. The country—as well as entire Africa—owes its first-ever tech startup unicorn to eCommerce.
As of now, Egyptian eCommerce startups have taken the funding limelight. The last investment round for a Nigerian eCommerce startup was in July 2020, when TradeDepot bagged USD 10 Mn in pre-Series B.
But, in May (last month) alone, a trio of eCommerce startups from Egypt country raised sizable rounds, one of which broke significant records.