The month of June saw 42 African startups raise $152.8 million, this was a decline from May which saw 38 startups raise $255.2 million.
North Africa produced 11 startups, 5 startups raised funding from the Southern region, East Africa had 10 while the West African region saw 16 startups secure funding.
Out of the 41 startups, 7 startups announced undisclosed amounts, with one raising a bridge funding. Ghanaian healthtech, Fido raising $30m, making it the biggest disclosed funding for African Startups in June 2022.
Nigeria, Egypt and South Africa continue to dominate their respective region. Fintech (11) raised the most funding.
Here is a look at the fundraising by region:
A total of $143.8 million was raised in this region, excluding undisclosed funding from Nigeria’s Credpal and T40. Out of all the 16 startups that raised funds in this region, 12 are Nigerian.
The Nigerian startups are, Moove ($20m), Afropolitan ($2.1m), Koolboks ($500k), Kibo ($2m), Thepeer ($2.1m), Healthtracka ($1.5m), Veendhq ($330k), Klasha ($2.1m), ShopEx ($635k), Indicina ($3m).
Other West African startups on the list are Mali’s Oko ($500k), Togo’s Gozem ($10m), Ghana’s Fido ($30m), and Senegalese Afrikamart ($360k)
Nigeria once again continues to dominate the West African startup scene in terms of a number of fundraisers but, not in the amount this time around as it acquired 45.6% of the total disclosed funding of the region.
11 startups in this region secured up to $18.5m, with 7 out of these startups being Egyptian. Egyptian Adva and Boyot secured undisclosed funding, while Petcare raised bridge investment.
Other Egyptian startups include Nice Deer ($1m), Khazely ($2.5m), Synapse Analytics ($2m), DXwand ($1m). Morocco produced Wafr ($1.07m) and Jodop ($1m). Tunisia’s Save Your Wardrobe ($3m) and Gomycode ($8m).
This is June and Egypt continues to dominate the North African tech ecosystem, From January to June, Egypt has dominated the region’s fundraising scene.
Egypt acquired 53% of the total disclosed funding in North Africa.
10 startups in this region raised $37m. Malawi’s Yellow Finance secured the highest in this region ($23m) while VantagePay, Sparepap, Tugende and Moringa School announced undisclosed funding.
6 of these 10 startups are Kenyan, and 2 are Ugandan, while Mauritius and Tanzania had one each. Jumba ($1m), Mtek ($3m), Kuunda ($2m), Xeno ($2m), Kukua ($6m).
All 5 in this region are South African, raising 100% of the funding.
Sava ($2m), Zenysis ($13.3m), Franc ($522k), Rentoza ($1.3m) and Talk360 ($4m)
Unlike May, there was no Central African entrant in the month of June.
Watch out for this space to get a round up of fundraising by African startups for July.
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