Join the largest research on the performance of startups in Africa to date

Venture Finance in Africa Research
Startups across Africa are invited to share information about their progress, adding up to the biggest dataset on the performance of African growth ventures to date. Reliable data about the African startup space is scarce and by conducting the ‘Venture Finance in Africa’ research VC4Africa and its partners aim to fill this gap. Entrepreneurs are encouraged to fill in the survey and contribute to the research! — UPDATE: Survey now available in French too!

Opportunity driven entrepreneurs are generating much of Africa’s employment, income and hope for a better future. But how are these companies progressing over time? VC4Africa’s Startup Research Africa team aims to answer this question in its annual ‘Venture Finance in Africa’ report.

Since 2013 the VC4Africa team has been annually surveying its community of entrepreneurs and investors to find out more about their progress. In the beginning of this year the 2015 Venture Finance in Africa report was launched, shedding light on Africa’s startup funding scenes. VC4Africa was able to track 104 investments in the startups listed on the online platform, with a total amount of USD 27 million.

The research shows there is a growing number of businesses that are successfully expanding their operations over time and adding jobs to the African marketplace. This is a key message to investors: Now is the time to get involved in this space.

Changing perceptions of Africa

The VC4Africa community, with thousands of entrepreneurs on its startup funding platform, is in a unique position to aggregate data on venture performance and investor activity. And this year the research will be taken one step further, making the findings more representative of the larger African startup space.

“The past years VC4Africa only surveyed entrepreneurs part of its own online community, but this year the research team is reaching out to all entrepreneurs across Africa, inviting ecosystem players to help reach startup founders in their local ecosystems”, says research lead Thomas van Halen. “The more early stage ventures can be reached, the more evidence will be gathered on progress in Africa’s startup communities. Our ambition is to change the world’s perception of business and innovation in Africa by unlocking quality information to the market”.


Together with VC4Africa, the Nijenrode Business University and Research Solutions Africa participate as academic research partners. Global Entrepreneurship Network (GEN), LIONS Africa, African Development Bank and Orange came onboard as a global network partners. DEMO Africa, AfriLabs, the African Business Angel Network, East Africa Venture Capital Association, ALN Ventures, African Innovation Foundation, Seedstars World and Wennovation Hub participate as outreach partners. They add valuable analysis regarding sector aspects: i) startup pitch events and media ii) incubation and acceleration services and iii) venture finance and private equity. Hivos, DOEN, Argidius and the African Development Bank make these activities possible.

Research focus

The research focuses on over time growth, job creation, capital investments, revenue/profit generation, economic, social and environmental impact, and factors/influencers attributed to the advancement. The data will be compared across sectors, countries, stages of growth, and other categories.

“The research initiative aims to empower entrepreneurs with the tools they need to benchmark their performance and the investors with the tools to understand the market and make informed decisions”, adds Ben White, co-founder of VC4Africa. “The outcome of the research will increase the activity of early stage investors in Africa and influence thinking and actions of policymakers. We invite everyone in Africa’s startup ecosystems to help us in this effort, truly making this  the biggest research on the performance of growth startups in Africa!”

African startup entrepreneurs: Fill in the survey and contribute to the research!
Go to:

— UPDATE: Survey now available in French too!

The survey should only take 10 minutes. Only aggregate data will be published, so personal details and company names will stay confidential and won’t be disclosed in the report.

All entrepreneurs who participate in the research will get a copy of the final report, and all ecosystem players who connect with us and help us get the research survey to their local members and/or local contacts will also get a copy of the final report.

For those who want to read more about the research already completed, VC4Africa released a freely accessible summary version of the Venture Finance in Africa report 2015.

Photo credit: TEDx Accra, Oluniyi Ajao.