Grace Ashiru
Venture capital (VC) and private equity investors are betting on a tech boom in Africa over the next three years. According to new research for blockchain-based mobile network operator World Mobile, the continent’s startup ecosystem is snowballing.
The independent research company PureProfile did a global study and found that nearly six out of ten (59%) expect growth of 50% or more, and about one in five (18%) think the sector will grow by 75% or more during the period. The research interviewed 100 senior private equity and venture capital executives from the US, UK, Saudi Arabia, the UAE, France, Germany, Hong Kong, and Singapore.
According to a study conducted with senior venture capitalists and private equity executives from the United Kingdom, the United States, the Middle East, Singapore, Hong Kong, France, and Germany, the primary driver will be improvements in the business environment in Africa.
More than half (55%) think that will make Africa a tech superpower in the next ten years, while 39% think that will happen in the next 10–20 years.
World Mobile is one of the big companies changing how people connect to the internet in Africa. They work with the government in Zanzibar.
Its cutting-edge solution involves launching a one-of-a-kind hybrid mobile network that provides aerostat connectivity and is backed up by various technologies like hybrid spectrum, meshes networking, renewable energy, and blockchain.
It has plans to expand the network across the entirety of the continent. It is currently holding talks with government officials in Tanzania and Kenya and officials from other territories that are underserved by traditional mobile operators
The Chief Executive Officer of World Micky Watkins said, “Private capital investment in Africa recorded as high as $7.4 billion last year as venture capital, and private equity investors poured money into projects and investment funds.”.”Technology is a critical area for startups, and investors are more optimistic than ever that they will expand rapidly. Most investors expect a 50% growth in just three years. The focus of governments on the continent is to help private businesses, and political stability is also important.
But getting connected to the internet is becoming more important, especially in places where it’s hard to get cheap and reliable connections. World Mobile’s sharing economy-based network sells cheap network nodes to local business owners so they can connect themselves and others and share the benefits. This will allow more people to exploit the internet’s opportunities.”
World Mobile’s balloons will be the first used for business in Africa. They offer a cheaper way to connect people to the internet. They are the first step in the company’s plan to help bring nearly 3 billion people online by 2030, consistent with the Sustainable Development Goals of the United Nations and the World Bank (SDGs).
