After a record breaking 2021, Africa tech startups are off to an explosive start with startups raising more than $1.1 billion according to multiple sources.
In 2021, startup funding took over 5 months to hit the $1 billion mark. In comparison, it has taken just 7 weeks for startups to do the same in 2022.
As of March 1, 2022, 110 startups had raised over US$1.1 billion in 2022 so far. If fundraising were to continue at the same pace through the year, we’d be looking at about $7.3 billion in 2022.
More African startups continue to raise funds with recent additions including Wasoko (formerly SokoWatch) which raised $125 million in a series B round and 4G Capital, a neobank, which raised $18.5 million in series C funding.
In one of the highlights in recent weeks, MarketForce, a Kenyan startup in the B2B / Retail sector that is experiencing much activity, has, so far, raised $40 million in series A funding.
So far, startups in Nigeria, Kenya, and South Africa are spearheading much of the activity.
Here is the data so far by March 1, 2022:
- 33 Nigerian startups have raised $364 million (32.5%)
- 20 Kenyan startups have raised $223.4 million (19.9%)
- 16 South African startups have raised $219.9 million (19.6%)
- 21 Egypt Startups have raised $102.2 (9.1%)
In another angle to look at the growing startup activity on the continent, in Y Combinator’s African alumni batch for Winter 22, there are 23 startups. Out of these:
- 18 are from Nigeria
- 1 from Ethiopia
- 1 from Uganda
- 1 from Ghana
- 1 from Kenya
- 1 from Sudan
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