In Summary
● Africa’s startup scene is thriving, with South Africa and Mauritius leading the rankings, followed by Kenya and Nigeria.
● Fintech and agritech dominate, with nations like Senegal and Cape Verde emerging as key players.
● These countries are shaping Africa’s future, driving innovation, and attracting global investments.
DEEP DIVE!
If you’re looking for the best places to launch or grow a startup in Africa, then you’re in the right place. The right ecosystem can be the difference between an idea that takes off and one that struggles to survive. Across the continent, certain countries are setting themselves apart, offering fertile ground for entrepreneurs to innovate, scale, and succeed.
These nations don’t just provide opportunities—they are shaping the future of entrepreneurship with thriving ecosystems, supportive policies, and groundbreaking innovations. Whether it’s attracting major funding or fostering local talent, they’re redefining what it means to be a startup hub.
According to Startup Blink’s Global Startup Ecosystem Index 2024, here are the top 10 best African countries for startups in 2024.
10. Tunisia
Tunisia ranks 10th in Africa and 90th globally with a startup index score of 0.682. Known for its burgeoning tech ecosystem, Tunisia has developed a reputation as a hub for startup innovation in sectors such as health tech and e-commerce. The government has implemented favorable policies to support startups, particularly in AI, with initiatives that include improving diagnostics and patient care. Startups such as Expensya, which raised $20 million to enhance expense management software, highlight Tunisia’s potential in tech-driven entrepreneurship.
9. Ghana
Ghana, with an index score of 0.702, is ranked 88th globally. Accra has emerged as a startup hub, fostering businesses in fintech, agritech, and e-commerce. Ghana’s startup-friendly regulations and international funding make it an attractive destination for entrepreneurs. Notable among its most funded startups is mPharma, a health-tech company that secured $35 million to improve pharmaceutical supply chains across Africa. This innovation reflects Ghana’s ability to attract impactful funding and talent.
8. Namibia
Namibia ranks 8th in Africa and 87th globally with a score of 0.706. Despite being a smaller player in the ecosystem, Namibia has demonstrated significant progress in renewable energy and agritech. The government’s support for technology-driven solutions in agriculture has enabled startups like Namibia Agritech Hub to tackle pressing challenges like food security. These advancements showcase Namibia’s commitment to leveraging innovation for sustainable development.
7. Senegal
With an index score of 0.708, Senegal is ranked 86th globally. Dakar is emerging as a key hub for startups, particularly in fintech and mobile money. Senegal’s startup environment is strengthened by the presence of notable companies like Wave, a mobile money service that secured $200 million in funding. The infusion of capital into Senegal’s fintech sector highlights its potential to drive financial inclusion across West Africa.
6. Cape Verde
Cape Verde holds the 6th spot in Africa and ranks 78th globally with a score of 0.849. The nation’s focus on sustainability and innovation has propelled its startup ecosystem. Notable startups in Cape Verde are pioneering solutions in eco-tourism and renewable energy, reflecting the country’s strategic use of technology to solve unique local challenges. Investments in green technologies are helping Cape Verde build a sustainable startup ecosystem.
5. Egypt
Egypt ranks 5th in Africa and 66th globally, scoring 1.748. The nation’s thriving tech hubs and innovative ventures make it one of the continent’s top ecosystems. Cairo serves as a focal point for e-commerce and AI development. Startups like Swvl, which raised $42 million, are revolutionizing mass transit systems. Egypt’s success in attracting international investment and building AI-driven solutions underpins its strong ranking.
4. Nigeria
Nigeria, ranked 4th in Africa and 64th globally with a score of 1.976, is home to some of Africa’s largest and most influential startups. Lagos is a thriving center for fintech, health tech, and logistics innovations. The most notable startup, Flutterwave, raised $250 million in Series D funding, placing it among Africa’s most valuable companies with a valuation exceeding $3 billion. Nigeria’s dynamic and youthful population drives its vibrant entrepreneurial ecosystem.
3. Kenya
Kenya ranks 3rd in Africa and 63rd globally with an index score of 2.071. Known as “Silicon Savannah,” Kenya’s startup ecosystem has flourished in fintech, agritech, and health tech. Nairobi is home to globally recognized companies such as Twiga Foods, which raised $50 million to revolutionize agricultural value chains. Kenya’s success is rooted in its ability to address local challenges through technology, making it a model for innovation in Africa.
2. Mauritius
Mauritius, with a score of 2.382, ranks 2nd in Africa and 59th globally. The island nation’s supportive business environment and advanced digital infrastructure make it a standout in the African startup ecosystem. AI-driven solutions in finance and tourism are prominent, with startups gaining international recognition. Mauritius is also one of the most connected countries in Africa, with over 80% of its population enjoying high-speed internet.
1. South Africa
South Africa leads Africa with a startup index score of 3.287, ranking 52nd globally. The country boasts a mature and diverse startup ecosystem, with Cape Town and Johannesburg emerging as hubs for innovation. South Africa’s most funded startup, Yoco, raised $83 million, transforming the payment solutions sector for small businesses. The nation’s robust telecom infrastructure and talent pool solidify its position as the top startup-friendly country in Africa.
https://www.africanexponent.com/top-10-best-african-countries-for-startups-in-2024/
