South Africa had the most venture capital (VC) deals with 21 per cent of the total early-stage investments, Kenya got 18 per cent and Nigeria 14 per cent.

According to the report, as a region, southern Africa attracted the highest number of VC deals (25 per cent) in Africa during the period under review, followed by East Africa (23 per cent) and West Africa (21 per cent).

Nearly one third (32 per cent) of the total number of early-stage investments reported in Africa in the period were seed stage deals, that is initial equity funding for start-ups.

Series A and Series B transactions (subsequent rounds of funding after start-ups have developed strong track records) together accounted for 29 per cent of the total volume, and 38 per cent of the total value of early stage deals.

Corporate venture firms from North America played a key role in bridging funding gaps, accounting for 37 per cent of the total number of corporate venture firms that participated in VC deals in Africa from 2014 to 2019.