1 in every 10 Millionaire West African Startup (MWAS) founder is female

Founders of Millionaire West African Startups (MWAS) were predominantly male-dominated, as 90.2% of MWAS founders are male. Get the West African Startup Decade Report to learn more.

Source:

West African Startup Decade Report

Period:

2010 - 2019
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Mobility startups recorded the highest startup funds in Francophone Africa in 2024, raising $20.50M with just two deals
  • Mobility led 2024’s startup funding in Francophone Africa with two deals at a value of $20.5M.
  • Fintech had the highest number of deals at 7, but with a lower total value than Mobility.
  • Cloud Services, Communications, and eCommerce each attracted over $3M from just one deal.
  • Agritech recorded the lowest funding at only $0.2M, despite being a vital sector.
  • Logistics, Healthtech, and HR/Payroll sectors saw two deals each, but with moderate funding.
  • Electric Motorcycle and Eyewear startups each secured $2M–$3M in one-off deals, showing niche interest.
  • Digital Health drew limited attention in both deal count and funding, signalling untapped or underdeveloped potential.
61.76% of financial sector deal volume in Francophone Africa was recorded between 2020–2024 H1, up from 22.06% in 2012–2015
  • Between 2020–2024 H1, 40.58% and 50.91% of deal volume went to consumer staples and consumer discretionary respectively, showing that everyday goods and lifestyle products are fast becoming investment magnets.
  • The utilities sector deal volume exploded in recent years, jumping from 21.62% in 2016–2019 to 70.27% in 2020–2024 H1, an indication that basic infrastructure services like energy, water, and power are now central to investment strategies.
  • 78.57% of all deal volume in the information technology sector happened in the most recent period, suggesting that digital solutions and tech platforms are increasingly being backed by private capital.
  • The industrials sector also bounced back, with 46% of its deal volume coming in the 2020–2024 period.
  • Energy sector investment dropped from 66.67% to 33.33%, and real estate recorded no new deals after 2015.
  • Health care remained consistent across all three periods, securing exactly 33.33% of the deal volume each time, highlighting its stability, even if not standout growth.
Francophone African companies attracted $1.8 billion in private capital in 2021, the highest amount in the past 12 years
  • Francophone Africa attracted $1.8 billion in private capital in 2021, about 9x the previous year (2020).
  • That same year saw 34 deals, which is quite high when compared to some other years, indicating strong investor confidence.
  • In 2024, deal value amounted to just $0.1 billion, and deal volume to 19, pointing to a significant cooling in activity.
  • Between 2012 and 2015, the region saw low deal values, with both 2014 and 2015 recording just $0.01 billion in investments.
  • A notable spike occurred in 2017 with $0.7 billion invested across 17 deals, marking the first major surge before 2021's breakout.
  • Deal counts haven’t always aligned with capital volume. For instance, 2023 had 42 deals but only $0.4B, suggesting a trend of smaller-sized investments.
Tech-enabled firms drove 71% of deal volume in Francophone Africa in 2021, the highest contribution so far
  • The breakthrough year for tech in Francophone Africa was 2021, with 71% of deal volume going to tech-enabled firms, an all-time high.
  • The growth of tech began slowly, from 0% in 2015 to just 12% in 2017, showing how recent the tech surge is.
  • Between 2018 and 2020, tech’s share gradually rose from 15% to 27%, setting the stage for the explosive growth of 2021.
  • Post-2021, tech dominance slightly softened—holding 52% in 2022, 50% in 2023, and 63% in 2024 H1, suggesting a more balanced diversification.
  • The last year traditional sectors led in deal volume was 2020, accounting for 73%, right before tech flipped the narrative.
Since 2012 up to mid-2024, Francophone Africa has had 76 exits, peaking at 13 in 2019
  • The peak year was 2019 with 13 exits, marking the most successful exit year since tracking began in 2012.
  • Zero exits occurred in 2020, likely reflecting the impact of the COVID-19 pandemic on exit strategies and deal closures.
  • The years 2021 and 2022 saw a rebound, with 11 and 10 exits respectively, suggesting a recovery in investor confidence post-pandemic.
  • Slower exit activity was recorded in 2023 and early 2024, with 6 and 3 exits, respectively (2024 is as of H1).
  • From 2012 to 2016, annual exits ranged between 3 and 4, except for a spike in 2013 with 10 exits.
  • The overall average exit volume is low, with fewer than 7 exits per year on average across the 12 years.
Consumer staples, financials, consumer discretionary, and industrials dominate private capital in Francophone Africa, capturing 68% of all investment volume since 2012
  • The consumer staples sector attracted the highest private capital volume with 69 deals.
  • The financial sector shows strong traction, especially as digital finance and fintechs continue to open access to banking services in underserved markets.
  • Fifty-five deals in the consumer discretionary category suggest investors are interested in rising middle-class consumption, retail, and lifestyle-driven spending patterns.
  • At 50 deals, industrials, including manufacturing and infrastructure, remain a backbone for private capital.
  • Healthcare (24 deals) and utilities (37 deals) reflect increasing investor focus on sectors with long-term impact and scalable public value.
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