VCs set sights on African countries beyond the ‘Big Four’

Africa’s tech startup scene has grown significantly over the last decade, with various reports showing a sizable increase in the number of deals, ticket sizes and funding. Last year, startups in the continent raised about $5 billion, double what was raised in 2021 and nine times the amount from five years ago.
However, this growth has been focused on four countries — Nigeria, Kenya, South Africa and Egypt, known as the “Big Four” because they account for more than 70% of venture capital investment into the continent.
But VCs are shifting their attention elsewhere, reaching st

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