LEADING THE PACK

Senegal Takes Centerstage In Francophone Africa’s Rising Tech Industry

By  |  April 13, 2023

Until recently, well-funded tech markets. dubbed The Big Four (Nigeria, South Africa, Egypt, and Kenya) were the heavyweights in the African tech ecosystem. As the industry gradually moves beyond infancy, opportunities abound for other countries to join the “hub frenzy”.

One such country is Senegal, a pocket that has, in the last few years, been quietly building a reputation as an innovation hotbed, a boiling pot of entrepreneurship, and a fast-rising investment destination. 

Particularly, the news that Wave—a Dakar-based fintech—raised Africa’s largest Series A to become a unicorn was deemed a sign that the country is brimming with digital potential. The startup absorbed USD 200 M from Stripe, Sequoia Heritage, and a host of other marquee investors to hit a USD 1.7 B valuation. 

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