Step aside Miami.
Don't sleep on Africas startup scene.
🧵
Don't sleep on Africas startup scene.
🧵
In 2020, Tunisia implemented a "Startup Act".
If you start a company there you get:
- State salary for up to three founders during 1st year of operations
- One-year leave period to start a company with right to return to your old job
- And generous tax-breaks
Ummm, yes please.
If you start a company there you get:
- State salary for up to three founders during 1st year of operations
- One-year leave period to start a company with right to return to your old job
- And generous tax-breaks
Ummm, yes please.
The startup ecosystem in Africa is fertile soil.
In 2020, 397 companies raised a collective $701 million. Which was 42.7% higher than 2019.
Companies from the "big four" received the majority of funding.
- Kenya
- Nigeria
- South Africa
- Egypt
In 2020, 397 companies raised a collective $701 million. Which was 42.7% higher than 2019.
Companies from the "big four" received the majority of funding.
- Kenya
- Nigeria
- South Africa
- Egypt
To date, Africa has produced 4 unicorns 🦄
Interswitch “the gateway to Africa’s payment ecosystem” was Africa's first unicorn.
Fawry simplifies payments in Egypt.
Jumia Group specializes in eCommerce ($2.3B market cap).
Flutterwave is a fintch startup which just raised $170m
Interswitch “the gateway to Africa’s payment ecosystem” was Africa's first unicorn.
Fawry simplifies payments in Egypt.
Jumia Group specializes in eCommerce ($2.3B market cap).
Flutterwave is a fintch startup which just raised $170m
The startup culture is growing.
8 years ago there were 10 startup incubators.
Now there are 443.
8 years ago there were 10 startup incubators.
Now there are 443.
Plus, in 2018 French President Emmanuel Macron started a $76.1m fund for African startups.
So, don't be surprised when you find out the next big thing was made in Africa.
So, don't be surprised when you find out the next big thing was made in Africa.
The craziest thing I learned in my research...
The work Akon is doing (crypto, solar, and even building cities?!?)
There's so much there, it has to be its own thread.
Follow @Adam_Ha_Yes to read it next week :)
The work Akon is doing (crypto, solar, and even building cities?!?)
There's so much there, it has to be its own thread.
Follow @Adam_Ha_Yes to read it next week :)
• • •
Missing some Tweet in this thread? You can try to
force a refresh
