Africa’s tech boom is no longer confined to Nigeria, Kenya, Egypt and South Africa; the ‘usual suspects,’ or the 'Big 4' so to speak. In recent years, Francophone and Lusophone markets, from Dakar to Luanda, have quietly become startup hotspots.
These economies boast uptrending GDP growth, expanding digital markets and growing startup communities, yet remain under-penetrated by global venture capital (VC).
As one Angolan entrepreneur pointedly observes, “more developed investors are mostly English-speaking… their ties to non-English Africa are weaker,” which has kept Lusophone and Francophone deals scarce, and, on the other hand, valuations attractive.
But that is changing. Increasingly, local and international funds are scouring these “last frontiers” for their next big breaks.
Follow The Money
From 2019 to 2024, startups in Francophone Africa collectively secured over half a billion dollars (~USD 511 M) in funding, WT Elite data shows, with Senegal leading the charge at over USD 348 M, followed by Ivory Coast and Benin. Cameroon also saw significant traction, while Mali and Togo lagged behind.
Last year alone, Francophone African startups collectively raised just over USD 91 M, accounting for around 4.4% of the continent's total startup funding of USD 2.07 B. Benin led the charge with a remarkable USD 50 M, driven by a landmark deal, while Senegal and Ivory Coast secured USD 22.8 M and USD 18 M respectively.
