Energy startups raised the most funds last month in Africa, pushing fintechs into second place. The continent, it is worth noting, remains the region most affected by energy poverty worldwide. 

Throughout the past month, Startups active in Africa raised $144.3 million, up by 23.6% against the previous month. The figures were revealed by TechCabal Insights, a consultancy firm specializing in the digital economy.

The amount raised last month was down by 22.6% compared to October 2022–$186.4 million were raised. 

In detail, energy-focused startups received 57.9% of all financing injected into tech nuggets operating on the continent during the past month. This was followed by fintech (20.1%), health tech (6%), agritech (5.3%) and edtech (3%).

On a regional basis, East Africa secured the most funds ($79.1 million), ahead of Southern Africa ($36.8 million), West Africa ($18.9 million) and North Africa ($9.5 million).

The three biggest fund-raisings recorded in October 2023 were by Kenyan financing platform M-Kopa ($65 million), South African fintech Stitch ($25 million), and Nigerian cleantech WATT ($13 million). Overall, 27 startups raised funds in Africa last October.