When African startups pitch their big ideas to venture capitalists, one subtle yet significant factor often shapes the funding decision: the co-founder count. While startups are widely celebrated as the product of collaborative ingenuity, the number of founders involved often becomes a quiet yet powerful metric in shaping investor confidence. But does the number of cooks in the proverbial kitchen truly determine the recipe for success? A closer look at African startups backed by venture capital reveals a complex interplay of entrepreneurial dynamics, cultural context, and investor preferences — highlighting a subtle bias that has directed billions of dollars in funding decisions.

A Continent of Collaborators

A dataset of select African startups funded by venture capital (VC), spanning various sectors and regions, analyzed by Launch Base Africa, sheds light on the statistical foundation of the continent’s entrepreneurial ecosystem. The study highlights hundreds of founders across these ventures, revealing an average of two founders per startup. This figure aligns closely with global norms for early-stage startups, where shared leadership is often valued for bringing diverse skill sets to the table.

Interestingly, while a co-founding structure is often preferred within the continent’s top four ecosystems — Nigeria, Egypt, Kenya, and South Africa — investors outside these hubs appear more flexible. Solo founders are just as likely to secure funding in less saturated markets, reflecting a broader willingness to adapt to regional dynamics.

Hence, when the co-founder numbers in African startups are broken down by country, intriguing patterns emerge:

• Nigeria: Africa’s most populous nation mirrors the continental average at 2 founders per startup. The preference for collaborative founding teams reflects the competitive nature of its startup ecosystem, where diverse skill sets are crucial for standing out.
• Egypt: In North Africa, Egyptian startups average 2-3 co-founders, frequently blending local market knowledge with global aspirations to attract international investors.
• South Africa: Not far behind, South African startups yield an average of 2 founders per venture, showcasing a similar trend of shared leadership.
• Kenya: Known for its entrepreneurial spirit, Kenya also has an average of 2 founders across its startup ecosystem, appearing consistent with the rest of the continent. 
• Other Countries: For regions like Ghana, Senegal, and Tunisia, the numbers taper off to an average of 1-2 co-founders per startup, reflecting smaller ecosystems and perhaps leaner founding teams.

VC Preferences: Strength in Numbers or Too Many Hands?

While these averages may seem innocuous, venture capitalists often view them through a strategic lens. A co-founding team of two or three — widely regarded as the Goldilocks zone — is seen as just right: enough diversity of thought and skills to navigate the challenges of scaling, but not so many that decision-making devolves into a bureaucratic nightmare.

“Three’s a crowd, but it’s also a comfort,” a Lagos-based venture capitalist, who asked to remain anonymous, tells Launch Base Africa. “With one founder, you risk tunnel vision; with four or more, you start questioning whether they’ll spend more time in meetings than building the product.”

Egypt’s higher average, for instance, could signal a cultural inclination towards larger founding teams, bolstered by a more mature startup ecosystem. Nigeria, despite its dominance in startup numbers, sticks to the continental norm, suggesting a pragmatic balance between ambition and manageability.

The 1-2 co-founder average in smaller African startup ecosystems reflects a blend of resource constraints, cultural dynamics, and market realities. In less established ecosystems, aspiring entrepreneurs often face limited access to funding, mentorship, and networks, which can deter the formation of larger founding teams. Solo or smaller founding teams may arise as individuals take on multiple roles out of necessity, compensating for the lack of specialized talent or co-founders with complementary skills. Additionally, cultural norms in some regions may emphasize individual achievement or distrust in business partnerships, further contributing to smaller team sizes. On the flip side, investors operating in these ecosystems may not penalize leaner teams as heavily as they would in larger markets, recognizing the constraints and placing greater emphasis on the founder’s adaptability, vision, and resilience over team size. Thus, the 1-2 co-founder average becomes a pragmatic reflection of both the challenges and opportunities within these emerging ecosystems.

While co-founder count often features in investor deliberations, it’s far from a definitive predictor of success. Attributes like complementary skills, aligned visions, and conflict resolution mechanisms carry far more weight. A cohesive team of two can outshine a discordant group of five any day. Conversely, some of Africa’s most notable success stories — Flutterwave and Andela among them — emerged from robust, multi-founder teams.

“Investing in a founding team rather than an individual significantly reduces risk,” he further adds. “It’s not just about having more hands on deck; it’s about the synergy that a well-assembled team brings.”

The Bottom Line

The obsession with co-founder numbers is as much about optics as it is about operational dynamics. Investors may prefer the perceived stability of the 2–3 range, but successful startups come in all shapes and sizes. From Egypt’s extra collaborators to Tunisia’s solo acts, the co-founder equation is more art than science.

For founders of African startups, the takeaway is clear: the choice of a co-founder is very key. Whether you’re one, two, or five, the true test lies in turning vision into reality — and convincing investors that your configuration, whatever it may be, is the winning one. And for the VCs? Perhaps it’s time to admit that startup success is less about numbers and more about the story behind them.

Access the full dataset HERE.

Udoh Charles

Charles has carved a niche at the forefront of Africa’s booming tech scene. With years of experience, Udoh has become a go-to expert for multi-million dollar deals in venture capital, private equity, and intellectual property across a vast landscape — from Delaware and New York to Singapore and South Africa. But his expertise extends beyond just the legalese. Udoh is also a corporate governance, data privacy, and tax whiz. An award-winning writer and researcher, he’s passionate about chronicling Africa’s startup story, cementing his position as a true pioneer in the field.