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With the development of at least five new tech unicorns (startups valued at $1 billion), tech startups across Africa earned $4.77 billion in funding.
FREMONT, CA: Capital investments in the African tech sector increased exponentially, reaching record highs. Young, tech-savvy Africans are fueling this rapid technological advancement in Africa. The tremendous accomplishments and a slew of fast-growing tech companies throughout the continent have sparked anticipation for even greater achievements in the future.
Africa has a wealth of untapped technological talent: Global tech corporations occasionally neglect African talent, although African entrepreneurs have produced computer-enabled solutions to development concerns. On his trip to Nigeria, Twitter CEO Parag Agrawal was struck by the abundance of technical expertise in the country. On his visit, Dara Oladosu was engaged in developing a native "quoted tweet" functionality for Twitter, demonstrating African developers' potential to compete globally.
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Demand for young, talented workers has increased due to the expansion in the global startup sector. As the fastest-growing developer population, Africa is becoming a significant source of software engineering expertise and is home to a rapidly expanding developer population. Microsoft expects to hire 100 African developers by 2023 and create its first development centers in Africa in 2022.
Talent accelerators have sprung up all over the continent in response to the increased demand for a steady supply of software engineers. For instance, Andela, Decagon, AltSchool, and Univelcity are just a few accelerators in the United States. Decagon, for example, has set a lofty target of hiring 10,000 software engineers over six months. These accelerators aim to open up new job options for Africans interested in technology. Such programs can help Africa become a source of high-quality tech talent for the rest of the world.
More women are entering the tech sector and generating more funds: UNESCO estimates that women make up 30 percent of Africa's IT workforce. This is higher than the average of 28 percent for the world. As a result of concerted efforts across the continent, more women and girls are finding careers in technology and STEM.
While programs like She Code Africa, African Women in Tech, and Africa Code Week are targeted at eliminating the gender pay gap, they are also helping to empower African women and girls in the field of computer science. Ingressive for Good (I4G) created a 'Women in Design' scholarship program last year, awarding design scholarships to 1,000 women throughout the country.
It's no secret that female startups have historically had a more challenging time raising capital than their male rivals. A closer look at the investment data reveals that female CEOs in Africa raised just over 7 percent of all tech investments last year. Women-owned businesses made gains, but there is still potential for improvement. To name a few, both Lami, a Kenyan insurance startup, and Ejara, a Cameroonian blockchain startup, raised $1.8 and $2 million in funding. FirstCheck Africa, an angel fund for female-founded/co-founded tech startups, is a good sign for female tech entrepreneurs.
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