In the month of March, 19 African startups secured $79 million in funding, however, April saw 20 startups raise $111 million.
This figure is most similar to January’s fundraising, where 31 startups secured over $100 million.
West Africa produced 8 startups, South Africa had 6, North Africa with 4, and East Africa produced 3. This time around, there is no entry from Central Africa.
Of the 20 startups that raised funding in April, 4 announced undisclosed funding, while Kenyan aquaculture platform, Victory Farm secured $35 million, the highest disclosed investment in April. March had South Africa’s crypto exchange, Yellow Card raised $40m as the highest.
As usual, Nigeria, Kenya and South Africa dominated their respective regions with more fintech leading in terms of numbers.
While Egypt led North Africa’s fundraising journey, February and March saw a takeover from Morocco, however, Tunisia got the upper edge in April.
Here is a look at the fundraising by region
North Africa
Gaming startup, Coachess raised $191K and Online sales startup Drest secured $396K, both platforms are from Tunisia.
Egyptian infrastructure management startup, Pylon raised $19m. North African startups raised $19.6m. This is the third month, Egypt hasn’t dominated North Africa’s fundraising scene in 2023, Will Morocco or probably Tunisia finally wrestle this region’s fundraising dominance from Egypt? The next 8 months will determine.
West Africa
This region produced 8 startups that secured $7m, this is in sharp contrast to March which saw 5 startups secure up to $12.4m. Autotech startup, Mecho and Chekkit announced undisclosed funding.
Kredete, Luca Africa and Bezomoney received $120k each from Techstars Accelerator. Logistics startup, Chargel received $2.5m.
Transit tech startup, Shuttlers secured $4m, while fintech startup, Storspay raked $320K.
East Africa
East African startups raised $37m in funding. As mentioned earlier, Victory Farm secured $35m. Chpter grabbed $120K from Techstars Accelerator while Mauritius D.light raised $1.9m
South Africa
Startups in this region raised $47.3m with energy startup, Yellow and agtech startup, Farmtrace announcing undisclosed investments.
The rest of the startups are, Peach ($31m), Paymenow ($14m), Maholla ($1.5m) and Maltento ($788K)
Watch out for this space to get a roundup of fundraising by African startups for May.
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