The $3.1 billion raised in the first half (H1) of 2022 is more than
the amount raised in H1’2021 and H1’2020 combined.
The $3.1 billion raised in the first half (H1) of 2022 is more than
the amount raised in H1’2021 and H1’2020 combined.
83% of that funding was raised by startups in Nigeria, Kenya, South
Africa and Egypt.
In the first half of 2022, African startups raised $3.1 billion in
funding, a figure which is more than they had raised in H1’2021 and
H1’2020 combined.
This is according to findings from a new report by Africa: The Big
Deal, a database tracking and sharing insights on start-up funding on
the continent.
The data from the report revealed that 83% of that funding was raised
by startups HQ’ed in one of Africa’s ‘Big Four’ – Nigeria, Kenya,
South Africa and Egypt. “Startups in Nigeria, Kenya, South Africa, and
Egypt have raised 83 per cent of all funding and signed 78 per cent of
all $1 million-plus deals., and there is no indication that things
will change anytime soon, as these percentages have been very
consistent over time,” the report noted.
Some of the notable funding rounds were closed by Opay, Flutterwave,
TymeBank, Jumo, MNT Halan, and others. “With the incremental funding
for fintech in Africa over the years, capital injected into these
startups is only likely to increase with deepening mobile phone usage
and internet penetration,” the report stated.