French-speaking African countries scale the startup rankings
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Loading... - Alex Gitau
- 21 Sep 2022
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Competition in Africa’s startup ecosystem is heating up as French-speaking nations put up a spirited battle for the top slots in an African startup ecosystem that has so far been dominated by the “big four” – South Africa, Nigeria, Kenya and Egypt.
Morocco and Senegal top a list of some of Africa’s biggest movers on a Global Startup ecosystems ranking – a trend that could significantly boost the visibility of startups in those countries and provide access to investor growth funds.
Morocco moved up 16 positions, to 79th slot globally while Senegal climbed 13 positions to 92, debuting in the “top 100 club” of nations hosting startup ecosystems. Senegal’s ranking was buoyed by improved the improved rankings of cities, according to the Global Startup Ecosystem Index 2022, an index created by StartupBlink.
Mauritius, at 71 is currently the top French-speaking African country on the list. The island nation moved up two positions, thanks to the debut of two of its two cities – Port Louis and Grand Baie – in the top 1,000 list of cities.
StartupBlink’s CEO, Eli David, said these bigger moves by countries outside the top-ranked countries on the continent is proof of the emergence of seed ecosystems in these countries.
“Given the market opportunities and growing startup ecosystems in Francophone countries, startup investment will definitely flow into these countries in the coming years and we are already seeing this happening,” David said.
In 2021, Wave, a Senegal-based mobile money startup, raised the biggest-ever Series A round of an African startup, pushing its valuation to 1.7 billion US dollars and making it Africa’s first Francophone unicorn.
While Senegal still has a low level of startup investments, according to the index, Wave’s success appears to have lifted the ecosystem’s attractiveness. The capital Dakar jumped 333 spots to enter the global top 500 cities.
“Senegal is becoming increasingly popular for entrepreneurs and investors wanting to do business in West Africa. This is due to its favorable business climate and robust institutions,” according to the Index. Wave is registered in Dakar. Read More…
