To put it simply, 2021 was a boom year for the African tech ecosystem.
In the early stages of the pandemic, investors projected deal activity would drop as economic activity ground to a halt. Some prominent firms, like Sequoia Capital, warned of armageddon, while others predicted a “Great Unwinding”.
Admittedly, many companies and startups trimmed their workforces, as they expected an economic bloodbath. But within months, we were in the middle of a global boom as investments and acquisitions forged ahead on the continent. We saw Network International buy East African payments startup DPO for $288 million, WorldRemit acquired remittance company Sendwave for $500 million, and Stripe acquired Nigerian payment gateway startup Paystack for $200 million.
A far cry from the doomsday many were