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African startups raised $621.8 mln in May, up 42% MoM

Monday, 05 June 2023 18:04
African startups raised $621.8 mln in May, up 42% MoM

(Ecofin Agency) - East Africa accounted for almost two-thirds of the funding raised by start-ups active on the continent last month, thanks in particular to the mega-rounds completed by two Kenyan startups.  

In May 2023, African startups raised $621.8 million in financing, up 42% compared to March 2023, according to TechCabal Insights. 

The same source reveals that compared to the April 2023 figure, May 2023 funding is up by 379%. A breakdown of the funds raised by the sub-region shows that startups operating in East Africa captured the bulk of the financing (64.6%) with $414.7 million raised. It was followed by Southern Africa (21.3%), West Africa (13.7%), and North Africa (0.4%). 

East Africa's predominant share is mainly due to the mega-rounds completed by two Kenyan start-ups: financing platform M-Kopa ($255 million) and off-grid solar solutions provider Sun King ($130 million).

A breakdown of fundraising by sector shows that fintechs lead the way with $442 million (68.9%), ahead of cleantechs (20.3%), and start-ups operating in the transport and logistics sector (6.1%).



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ECOFIN AGENCY offers a selection of articles translated from AGENCE ECOFIN. Founded in 2011, Agence Ecofin is a leader in Francophone Pan-African economic news, particularly in West and Central Africa. The agency publishes daily news on nine African economic sectors: Public Management, Finance, ICT, Agribusiness, Energy, Mining, Transport & Logistics, Communication, and Training.

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