The month of November saw 26 African startups raise $309.87 million in funding. This is an improvement from October as it produced 26 startups raising $139.37 million.
33 startups raised $174.68m in September, while August saw 34 startups secure $184.2m. November has proven to be more investment-friendly, owing to the decline in the amount of funds raised in the past 3 months.
North Africa produced 10 startups, 3 startups raised funding from the Southern region, 7 from East Africa, while the West African region saw 6 startups secure funding.
Out of the 26 startups, 3 announced undisclosed amounts while Algeria’s Super App, Yassir raised $150m in series b investment, the highest disclosed funding in November.
Nigeria, Egypt, South Africa, and Kenya continue to dominate their respective region. In the past fundraisers, fintech has dominated the scene.
Here is a look at the fundraising by region:
West Africa
6 startups raised $34.m in this region. 4 startups are from Nigeria, Cutstruct ($600k), Afya Care ($6m), Orda ($3.4m), and Pivo ($2m).
Others include Ivorian Djamo ($14m) and Cameroonian Ejara ($8m). Unlike October, November wasn’t a 100% fundraise for Nigeria in the West African region, however, it continues to dominate the region.
North Africa
This region raised $193.5m, with 5 out of the 10 startups being Egyptian. Algerian Yassir raised the highest ($150m) in Africa, as mentioned earlier.
The Egyptian startups include Blnk ($32m), Brotinni ($600k), Grinta ($8m), Conix.ai ($1.3m), and Hoods with undisclosed funding.
Others include Smartprof ($110k) and WafR ($120K), both from Morocco, while Tunisia had 2 entrants in BeeKeeper ($600k) and ISI Digital ($809k).
From January to September, Egypt has dominated North Africa’s fundraising scene and November isn’t different
South Africa
Unlike October, November produced 3 startups in this region. Fintech startup, Revio raising $1.1m, Synatic securing $2.5m and Health tech startup, Revio announcing $5.6m.
Making it a total of $9.2m raised, unlike last month which saw the announcement of undisclosed funding,
From January to date, South Arica as a country has dominated the funding raise in that region.
East Africa
Compared to October which saw 4 startups raise $8.1m, November produced 7 startups secure $75.6m.
5 out of the 7 startups are Kenyan, with Solarise Africa securing $33.4m, the highest in the region, followed by Tanzanian fintech, Ramani receiving $32m with Rwandan Eden Care announcing undisclosed funding.
Others include Leta ($3m), Stable Foods ($600k), Basigo ($6.6m). A notable mention is Kenya’s Sendy raising undisclosed funding after laying off its employees.
Kenyan startups had 57.7% of the East African investment, a contrast to the number they had in the region. This is a bit above average percentage and is also a result of an undisclosed announcement from Sendy.
Like the month of October, there was no Central African entrant in October.
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 December and other notable statistics from this year’s fundraising journey on the African continent,
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