Following a 67.46% decrease in funding recorded from May to June, July ended with 27.8% increase from June in Africa’s startups fundraising as the month recorded $162.19 million in investment.
July was an improvement from what was recorded in June as 32 startups secured funding, with 8 startups declaring undisclosed amounts. Democratic of Congo-based solar energy startup, Nuru secured $40 million as the highest disclosed investment in July.
West Africa had 9 startups, with both North and East Africa producing 8 startups each, while South Africa had 6 with Central Africa having 1 entrant.
Here is a look at the fundraising by region
All 9 startups in this region are Nigerian except Twende from Cote d’Ivoire with $33k funding. No startup in this region announced undisclosed funding.
Clafiya ($610k), Rensource ($15m), Moove ($8m), Zuvy ($4.5m), Terragon ($9m), MyCover ($1.25m), Propel ($2.74m), Wecyclers ($9m).
Nigeria continues to dominate the West African region fundraising scene, scooping 99.95% of the investment.
Five of the eight startups from this region are Kenyan, indicating the country’s dominance once again. However, Rwandan health tech startup Kasha grabbed $21m as the highest in the region.
Kenya’s Zuri and Ethiopia’s Yene announced undisclosed investments.
Other Kenyan startups include Mydawa ($20m), FarmWorks ($4.1m), Mogo Kenya ($7m). Others are Somaliland’s Caafisom ($110k) and Rwanda’s Spiker ($600k).
Kenya continues to dominate the East African region fundraising scene.
Six out of the eight startups in this region are Egyptian. Moroccan proptech startup Agenz raised $1.3m and Tunisian mobility startup Kaco announced undisclosed funding.
Masroofi ($1.5m), Exits MENA ($250k), Flash ($6m), Money Fellows ($4m). Lastly, Menthum and Cayesh announced undisclosed funding.
Moroccan and Tunisian startups are still trying to break Egypt’s monopoly in North African fundraising
Both startups are Egyptian. In May, Morocco tried to break Egypt’s dominance in the Northern region. We hope July will see Tunisia join Morocco in producing more fundraising startups.
Zambian solar startup pulled $7.5m in this region with Cloudline, Acorn and Go Solr announcing undisclosed funding.
Gaming startup, Skirmiish raised $700k while Video enhancing startup, Voia secured $2.8m.
As mentioned earlier, solar energy startup, Nuru secured $40m as the highest in the month of July for African startups.
Watch out for this space to get a roundup of fundraising by African startups for August
Don’t miss important articles during the week. Subscribe to techbuild weekly digest for updates