Fundraising for the past 3 months has been a roller coaster for African startups. In May, 38 startups raised $255.2 million, followed by a drop in June which saw 42 startups secure $152.8 million.
The month of July saw a rise as 27 startups raised $444.48 million, a significant increase from what was obtainable in the previous month, however, 34 startups raised $184.2 million in August.
North Africa produced 9 startups, 5 startups raised funding from both the Southern region and East Africa, while the West African region saw 15 startups secure funding.
Out of the 34 startups, 7 announced undisclosed amounts, with Nigeria’s fintech, Teamapt raising $50 million as the highest disclosed funding.
Nigeria, Egypt, South Africa and Kenya continue to dominate their respective region. As usual, fintech continues to raise the most funding on the African continent.
Here is a look at the fundraising by region:
Nigeria dominated the West African startup scene in terms of the number of fundraisers and the amount of funding.
Out of the 15 startups that raised funds in this region, 10 are Nigerian, Beacon Power Service ($2.2m), Koolboks ($2.5m), Pastel ($5.5m), Youverify ($1m), Grey ($2m), Anchor ($1m), Duplo ($4.3m) and the earlier mentioned Teamapt securing $50 million to make the fintech startup rake the highest amount in this region and Africa.
A total of $81.12 million was raised in this region, excluding undisclosed funding from Nigeria’s Aku and Omnibiz.
Nigerian startups took up 85.1% of the region’s funding, unlike July, where 8 Nigerian startups shared 58.6%.
Other fundraisers include Senegalese Socim Job ($1m) and Dialibatou ($390k), Ghanaian Zeepay ($10m) and Wamiagro ($227k) as well as Cameroon’s Taaply ($500k)
It was an all-round Egyptian affair in this region. 9 Egyptian startups raised $67.6 in total funding from North Africa,
The highest in this region was adtech startup ArabyAds ($30m) with only edtech OBM declaring an undisclosed amount.
The others include Homzmart ($23m), Bonbell ($350k), Sharwa ($2m), Convertedin ($3m) Oneorder ($6.5m), Zeew ($360k), Subsbase ($2.4m).
From January to July, Egypt has dominated North Africa’s fundraising scene and August isn’t different following its 100% investment.
All 5 in this region are South African, raising 100% of the funding in the month of July.
Data-as-a-Service platform DataProphet secured $10 million as the highest in this region, while logistics platform Droppa and metaverse startup Sodaworld announced an undisclosed amount.
Homefarm raised $104,000, while Finaccess received $500,000.
Unlike July which had 3 startups raised $98m, August saw 5 startups, however, $24.9m was secured. Uganda’s Tripesa and Kenya’s Lori Systems announced undisclosed funding.
Kenyan insurtech Lami secured $3.7m, Agtech Iprocure and fintech Pezesha, both also from Kenya, raised $10.2m and $11m respectively.
Like the month of July, there was no Central African entrant in August.
The total funding to date for African startups first half of 2022 saw African startups raise $2.01 billion. We wait and see what the other half will present.
Watch out for this space to get a round-up of fundraising by African startups for September.
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