Africa News Bulletin

Togo- Startups raised $6 million in 2021, up 57% YoY

In its latest report, venture capitalist Partech estimated that the Togolese startup ecosystem raised about $6 million in 2021, mostly through equity investments. The figure is up by 57% compared to that recorded in 2020 – $3.8 million.

Togo ranked 16th in Africa, among countries whose startups raised the most funds last year. At the top of the ranking are Nigeria ($1.8 billion), South Africa ($832 million), and Egypt.

In French-speaking sub-Saharan Africa, Togo is 4th, just behind Cameroon, where start-ups have raised $11 million. Senegal came first with more than $353 million in funding, mostly in fintech. Côte d’Ivoire came right after, with $17 million.

Togo owes its place to the two deals in March and December of Gozem, the super app whose operational base is in Lomé and which offers its users transport and delivery services.

Original story on Togo First

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