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As the world continues to evolve, so many ‘start-up’ have been focused on both Ecommerce and the Tech industry, which is why the below article makes for very interesting reading.
Cape Town is often seen as the "start-up capital" of South Africa, but a recent study on technology start-ups found that was not necessarily the case.
The South African Start-up Ecosystem Report 2022, compiled by Disrupt Africa, found that though the "Mother City" accounts for the largest number of start-ups, with 225. This figure, however, is only slightly larger than the 204 start-ups which call Johannesburg home.
As percentages, this gives Cape Town 45.9%, compared to Johannesburg's 41.6%.
Looked at a provincial level, the tussle between the regions was even closer. The Western Cape accounted for more than half – 51,2% – of South African start-ups, but Gauteng made a good showing with 45.3%.
Cape Town might still hold the overall lead, but when it comes to the most dynamic area of start-up development – fintech – Johannesburg has inched ahead.
"South Africa's traditional 'business capital' Johannesburg is home to the biggest number of fintech start-ups – 74 – accounting for 50,3 % of the sector; with Cape Town some way behind with 61 companies accounting for 41,5%."
The importance of fintech can be seen in the number of people employed in the sector. According to the report, it has created 4,387 jobs - more than the next six sectors combined.
Not only that, seven of the biggest 10 employers in the South African start-up ecosystem are fintech companies:
When it comes to sourcing funding, there has been some success, as the number of South African start-ups that secured funding doubled in 2021 compared to 2015, to 89 from 45.The total amount going into local start-ups has been about $993,68 million since 2015, according to Disrupt Africa.
Overall, the South African tech start-up ecosystem has seen a more prolonged uptick when it comes to total investment secured over the last few years. After declining between 2015 and 2016, total funding has now grown each year since, and at faster and faster rates.
These deals are being funded by a surprisingly wide variety of investors, both local and international. At least 382 different "firms, organisations or individuals" have made equity investments in South African tech start-ups since 2015.
About a third of these investors are based in SA, and the rest are from the US, Europe, and Asia.
Though local investors only make up a third, the report noted that South African investors tend to back companies early in their development.
"While overseas Venture Capital firms nonetheless make up the majority of investors in the country, the most active individual investors are generally South Africa-based, relatively early-stage investment firms, leading South African corporate investors like Naspers and Nedbank, and accelerators like Startupbootcamp AfriTech." – (Source : Business Insider South Africa)
If you in fact are starting up your own business/company, we at Start My Car applaud you and wish you well on your journey. And if that journey includes and open road, make sure to pop into our online store for some great deal as well as some of this week’s top sellers.
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