Research by startup funding platform VC4Africa (Venture Capital for Africa) shows that South Africa is home to the largest average startup investment (250K), Nigeria features the most startup investments (24) and Kenya ranks highest in a sum of all tracked startup investments (4.7m).

The 2015 Venture Finance in Africa report, compiled by VC4Africa, is a survey of the platform's community of entrepreneurs and investors. It reflects progress across Africa's startup funding scene.

VC4Africa tracked 104 investments in startups across Africa listed on its platform. Of the 104 tracked investments, most were in Nigeria.

The West African country was followed by Kenya (19), Tanzania (12), South Africa (11), Ghana (10), Uganda (10), Cameroon (9) and Egypt (9), according to the report.

In a release to the media VC4Africa stated that "Countries like Nigeria, Kenya, South Africa and Ghana are often named as examples of startup hotspots in Africa. Nigeria, coming out as the continent's top startup investment destination, recently got more and more attention, for example with new incubators opening and the two most recent DEMO Africa events."

Of the eight countries, South Africa emerged with the largest average investment of 250K.

According to VC4Africa "It is known that South Africa's startup scene includes more mature ventures and explains the bigger ticket sizes. The research indicates this is also the case in Kenya, and that startup investments in other 'startup hotspots' Nigeria and Egypt are much smaller on average. Certainly the volume of deals in Nigeria points to the quick rise of the startup scene there, and the promise for much bigger deals expected to happen in this market the coming period."

VC4Africa Co-Founder Ben White explains: "The research shows there are a growing number of businesses that are successfully growing their operations over time and adding much needed jobs to the African marketplace. This is a key message to investors. Now is the time to get involved in this space."

Each of the startups covered in the research and raised funding have been described by VC4Africa as "scalable, makes smart use of technology, or is disruptive in their application of a business model."

BRCK CEO and Ushahidi co-founder Erik Hersman told ITWeb Africa that he is not surprised by the numbers. "SA has the best infrastructure and capital, Nigeria has big numbers, and Kenya is starting to see some follow-on capital raises by companies into growing companies at much higher levels. "