A big improvement in the funding journey from March and April as African startups raised over $390 million with the exclusion of undisclosed amount in May. Out of 28 startups securing funds, 12 announced undisclosed figures.
South Africa had 8 startups, with both North and East Africa all producing 7 startups each, while West Africa recorded 6. No entrant emerged from Central Africa in May’s fundraising journey.
Kenyan asset financing startup M-Kopa raised $250m, making it the highest disclosed investment in May compared to April’s Victory Farm which secured $35m as the highest.
As usual, Nigeria, Kenya and South Africa dominated their respective regions with more fintech leading in terms of numbers.
February and March saw Morocco taking over from Egypt with April producing Tunisia, however, Egypt has regained its position as it slightly edged Morocco in North Africa’s fundraising journey in May.
Here is a look at the fundraising by region
North Africa
Four of the seven startups in this region are Egyptian while the rest are Moroccan. The Egyptian startups; Balad (Undisclosed), Helpoo (Undisclosed), Dawi Clinic ($8m), Axis ($8.2m).
The Moroccan startups; Chari (Undisclosed), DataPathology ($1m) and Prestafreedom ($1m). This region secured $18.2m in funding.
Will Morocco or Tunisia top North Africa with countries with the most investment come June? The next 7 months will determine.
South Africa
Startups in this region raised $82.1m with digital banking startup Tyme securing 98% out of this. Out of the 8 startups, 5 announced undisclosed amounts – Kula, Play Sense, Digsconnect, Quromedical and Port443.
Wildlife travel startup, Viatu operating in Namibia raised $1m, while SA -based Maltento secured $3.3m.
East Africa
Seven East African startups raised $254.1m in funding, with Kenyan Mkopa receiving the highest (98%) as mentioned earlier.
Zydii and Elevate Hr announced undisclosed funding. The rest are; Novfeed ($1m), Amini ($2m), Raise ($120k), Zofi Cash ($1m).
West Africa
This region produced 6 startups that secured $40.2m. Nigeria’s Zeeh Africa and Ghana’s Kofa announced undisclosed amount. Gricd now Figorr closed $1.5m
Cameroon’s fintech, Nkwa raised $15k, b2b e-commerce Sabi secured $38m while Kunda Kids closed $700k.
Watch out for this space to get a roundup of fundraising by African startups for June.
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