WiConnect's $2.5M Raise Signals a Turning Point for Angola's Startup Scene

Luanda, Angola – In a move that dramatically reshapes the narrative for Angola's tech ecosystem, local startup WiConnect has successfully secured $2.5 million in funding. The investment, raised through convertible notes from private investors, marks a pivotal moment for a country that, according to market data, attracted less than $1 million in total venture capital throughout 2024.

This single deal not only catapults WiConnect into the national spotlight but also sends a clear signal to the global investment community: Angola is open for business.

Founded in 2015 by two Angolan entrepreneurs, WiConnect is on a mission to tackle Africa's digital divide head-on. The company installs and operates free Wi-Fi hotspots in areas with limited connectivity, creating a sustainable business model that sits at the intersection of connectivity, data, and digital advertising. This innovative approach, which has already provided over three million connections, allows the company to offer internet access to the public for free, monetizing through advertising and data analytics.

The newly acquired capital is earmarked for aggressive expansion. WiConnect plans to scale its infrastructure to ensure there is at least one free Wi-Fi point in every single Angolan municipality by 2027. This ambition directly aligns with the government's National Digital Inclusion Strategic Plan.

This funding round is far from the final destination. The company's leadership has already announced a clear financial roadmap, with a Series A planned for late 2025 to consolidate its national footprint, followed by a Series B by 2027 to fuel technological scaling and regional expansion. In a bold long-term vision, WiConnect aims to become one of the first Angolan startups to list on the BODIVA (Angola Debt and Securities Exchange), a move that would pave the way for greater transparency and access to public capital markets.

The significance of this deal extends beyond WiConnect. It serves as a powerful proof-of-concept for local innovation in a market often overlooked by VCs, who typically focus on hubs like Nigeria, Kenya, and Egypt. As a founding member of the Angolan Startups Association, WiConnect is also playing an active role in shaping a more favourable regulatory environment, collaborating with the government on the country's new Startup Law.

As the CEO of WiConnect stated, the vision is clear: "African solutions, created by Africans, for Africans. We are building the continent today where we want to live tomorrow". This $2.5 million injection isn't just funding; it's a down payment on that future.

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