Industry News – Africa’s crypto and VC industry blew up this year

This year witnessed Africa’s tech sector grow both dynamically and globally. The number of VC firms operating on the continent blew up and there were numerous investment rounds. Startups also strived for global expansion and acquisitions.

2018 saw Africa’s VC funds become more…African. Over the last 12 months, an increasing number of investment funds run by locals with HQs on the continent sprung up – you can see the figures here.

At least 51 viable Africa-focused VC funds emerged with at least seven to 10 investments in African startups from seed to series stage. Out of the 51 funds, 43% have HQs in Africa and are managed by Africans. What’s more, there are also more Africans working in top positions for funds outside Africa than ever before, plus a notable spike in homegrown corporate venture arms.

As crypto fever gripped the big economies in 2018, Africa was busy building its own blockchain story. SureRemit launched a crypto product designed to disrupt Africa’s multi-billion-dollar remittance market and raised $7 million during an ICO. South African payments venture Wala and solar energy startup Sun Exchange also had ICOs.

Read more about Africa’s promising VC/crypto future here.