Last time, we detailed the fundraising journey of startups on the African continent for January, stating that more than $100 million was raised by 31 startups. This appeared to be an expected drop in VC funding following the run in decline in late 2022.
The month of February has however come with an improvement, following 32 startups raising over $200 million in funding. 9 startups secure funds from the Northern region compared to January’s 5, 7 startups from the South African region, that is 2 more than January’s outing.
East Africa had 6 while West Africa region produced 10. Both the East and Western region saw a drop from January in the number of fundraisers.
Out of the 32 startups, 3 announced undisclosed funding, with South Africa’s car subscription startup Planet42 grabbed the highest amount ($100m) in disclosed funding for February.
Nigeria, Kenya and South Africa like the previous month continue to dominate their respective region with fintech still taking over the scene for the month of February. Morocco slightly edged Egypt this time around in the Northern region.
Here is a look at the fundraising by region
North Africa
As mentioned previously this region had 9 startups secured funds with Morocco producing 5 against Egypt’s 4. A total of $25.4 million was raised in this region, excluding undisclosed funding from Morocco’s fintech startup, Gwala. Egypt’s health tech startup Yodawy secured the highest funding ($16m).
The other Egyptian startups are, Hollydesk ($1m), Mobile Msr ($500k), and Gameball ($3.5m). The Moroccan startups left are, Terraa ($1.5m), ShareId ($1.9m), Chari ($1m), Sand to Green ($1m).
Fintech and e-commerce received the most funding in North Africa. For the first time in a long while, Morocco edged out Egypt for the number of startup funding. Can this momentum continue, or it is just a phase? The month of March will tell the tale.
South Africa
Startups from the Southern African region secured a total of $165.65 million, with no case of undisclosed funding. As previously mentioned, Planet42 scooped $100m.
Rnr ($555k), Sendmarc ($7m), Naked ($17m), Envisionit Deep AI ($1.65m), Yellow ($5m), Lulalend ($35m). All the startups are from South Africa.
Other countries in this region appear to have left the fundraising to South Africa.
East Africa
East African startups raised $20.5 million in funding, with Kenyan blockchain startup announcing undisclosed funding.
Jumba ($4.5m), BuuPass ($1.3m), Mawingu ($9m), Power ($3m), Workpay ($2.7m). All the fundraisers are Kenyan.
Rwandan startups haven’t been in the fundraising news lately.
West Africa
10 startups in this region secured up to $37.35m, excluding undisclosed funding rounds from Nigeria’s e-health startup, Famasi.
The other Nigerian startups include Clinify ($1.5m), Earnipay ($4m), Smile Identity ($20m), Pade HCM ($500k), Jendaya ($1.2m), Pressone Africa ($600k), Curacel ($1.3m), Releaf ($250k).
Burkina Faso’s and Benin Republic’s Qotto secured $8m. No Central African entrant this February.
Watch out for this space to get a roundup of fundraising by African startups for March.
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