Statista Bulletin – Africa’s Booming Startup Scene
The startup scene in Africa is growing at a rapid pace, according to Google’s 2021 Africa Developer Ecosystem report. African startups raised more than $4.3 billion in 2021 from local and international investors. That’s two and a half times the year before. Find out more on the topic in our first chart. In our second, read up on beauty tech – a new world of cutting edge technologies powered by AI and AR.
The startup scene’s economic growth is unequally distributed across the continent, with the four countries with the most software developers raising the most. In fact, 81 percent of venture capital funding in Africa went to Nigeria, South Africa, Egypt and Kenya. Tech jobs are looking increasingly appealing, as pay increased by nine percent for a mid-level developer and by eleven percent for senior developers.
In 2021, beauty tech revenue hit $3.8 billion across seven major markets – the United States, China, Japan, South Korea, United Kingdom, Germany and France. By 2026, this is expected to reach $8.9 billion. Although it’s growing, beauty tech is still a relatively new and niche area. The name is used as an umbrella term for all AI and AR based tools and software used within beauty, whether that’s a smart mirror that can simulate virtual try-ons or diagnostic software that offers facial scanning to make informed and smart recommendations.
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