It’s been a constant, scary nagging quest for me for the last year. What appears like a simple question, actually isn’t. As I have asked questions from the community, I have found it increasingly difficult to get a solid and acceptable answer. The most common response I get is, I believe it will happen. I usually tilt my head and ask ‘Why?’, ‘Why do you believe it will happen if it hasn’t happened already?’. I know Nigerians have the unique ability to suspend reality and believe, it literally explains the state of Nigeria, rather than focus on fundamental fixes for the problems of today (let’s not get started for tomorrow’s). We just wait for God to take control because Nigeria has wealth (it doesn’t) and we are God's chosen people (evidence points to the opposite. We are truly forsaken). I thought the tech community was different. I thought it was more introspective, more scientific, more honest. 10 years ago, if you had asked me whether I thought things were going to be this hard, in one simple word; Ineverexperredit*
Even though I don’t want to admit it, I guess I would be considered an old head when it comes to VC-backed startups in Nigeria. I feel that if we Hunkus and Hantys are not evaluating how far we have come, what that means for the youts by not sharing our stories, then we are part of the problem that makes Nigeria seem like a secret society. So in that vein. Ladies and gentlemen. We have a liquidity problem.
As I read listicles screaming ‘Africa’s hottest startups who have raised at least $5m in 2018' or ‘Momentum for Angel investors’ and feel a new flush of enthusiasm, I remind myself that similar articles were everywhere when my class [2009–2013] of entrepreneurs was starting out.
The year 2018 has been on a high note for the African startup ecosystem with the increase in the number of VC’s, angels, corporates, accelerators, funds, and incubators interested in the African startup space.
27 startups have raised more than US$5 million in venture funding totalling US$572.2 million. In addition, funding activities in the continent are still concentrated majorly across Kenya, Nigeria, and South Africa with Egypt startup scene also rising up. read the full article
Although there are no African companies in the Fortune 500, there are currently over 400 African companies with annual revenues exceeding $1B. African companies grow faster and with more profits than their global peers and 2018 saw the 30th African startup venture join the $5M Investment Club of ventures on the continent that have raised over $5 million in funding. Read the full article
Jumia, isn’t it?
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