A report released by Afrikstart has revealed that $127 million was raised for African crowdfunding projects during 2015.
The platform hopes to become a crowdfunding, training and mentoring platform for African entrepreneurs and is planning to launch its operation later this year.
Their data showed that there are currently 57 crowdfunding platforms active on the continent, 21 of which are based in South Africa. $32.3 million of the total funds raised came via these platforms; the rest was raised on international platforms in the form of loans and donations.
“Entrepreneurs across Africa have jumped on the crowdfunding wagon, with the clear objective to democratise access to financing in Africa,” Afrikstart says.
“Crowdfunding is a major vector of African self-empowerment. Through crowdfunding, Africans have the power in their hands. The power to choose and fund social causes and economic initiatives they care about; the power to set and drive their own social and economic agenda.”