Welcome to the beginning of 2022 second quarter, as it has been another impressive journey for African startups in the last three months.
In early March, we detailed the fundraising journey of startups on the African continent, stating that more than $500 million was raised by 48 startups in the month of February.
Similar to February, over $500 million was also raised in March, however, 44 startups were involved in this fundraising journey.
March’s fundraising saw 17 startups secure funds from the North African region compared to the previous 16. East Africa had 11 compared to the previous 9, while West Africa dropped from February 17 to 15. The southern region produced only 1.
Out of the 44 startups, 3 announced undisclosed funding with Nigeria’s mobility fintech Moove securing $105m, making it the biggest disclosed funding for African Startups in March 2022. Recall that Moove raised $10m in February.
This time around southern African region didn’t come to the fundraising party last month as Nigeria, Egypt, and Kenya continue to dominate their respective region with fintech still taking over the scene for the month of March.
Here is a look at the fundraising by region
North Africa
A total of $84.4 million was raised in this region excluding undisclosed funding from 3 Egyptian startups, Chefaa, Bosta and Paymint.
Notable funding includes Egyptian fintech Khazna ($38m) and Lucky ($25).
Fintech and e-commerce startups dominated the fundraising scene in March with both verticals having 4 each.
Out of the 17 startups that raised funding, 15 are Egyptian, while Tunisia had Wattnow ($1.3m) and Waterspirit ($872k)
Like February, Egypt continues to dominate the North African startup scene as it acquired 97.8% of the total disclosed funding of the region.
What is exciting about Egypt’s tech ecosystem? What are the other countries in this region doing to match up? We wait and see if April will come with a different tale.
Other fundraising startups still from Egypt include: Kouncel($1.2m), Mumerz ($1.2m), Naqla ($10.5m), Shatablee ($1.2m), Nexta ($2.2m), Welnes ($300k), Flapkap ($1.2m), Xpovi ($300k), On Market ($215K), Intella ($1m)
West Africa
15 startups in this region secured up to $222m, asides from the earlier mentioned Moove, Nigerian Agtech startup Thrive raked $56.4m, followed by Ghanaian Dash ($32,8m).
Ivory Coast had Susu ($1m), Digitech ($328k) and Chargel ($750k). Asides the earlier mentioned Dash, Ghana had Yemaachi ($3m)
Others include Sudo Africa ($3.7m), Yep ($1.5m), Klumo ($780k), Spleet ($625k), Simplifyed ($300k), Klas ($130k), Kwik ($2m), Credpal ($15m).
Like North Africa, fintech startups secured more funding in this region than any other vertical. Out of the 15 startups, 10 are Nigerian.
East Africa
East African startups raised $282m in funding with Kenyan Sokowatch now Wasoko securing $125m, followed by Mkopa ($75m) and Apollo ($40m).
Ugandan Healthtech Rocket Health had $5m. Rwandan startups haven’t been in the fundraising news lately, however, Rwanda produced Hence a legaltech ($1.8m) in March.
Other fundraising include, OKHI ($1.5m) D.LIGHT ($7m), 4G Capital ($18.5m), Charpy ($1m), Powered By People ($5m), Tushop ($3m).
Fintech also dominated in this region while 9 out of the 11 startups are Kenyan.
South Africa
Surprisingly, only one startup raised undiclosed funding in this region, Sticitt a South African fintech company. We hope that April will change this narrative.
Watch out for this space to get a round-up of fundraising by African startups for April.
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