(Ecofin Agency) - From US$24 million in 2021, the funds secured by Central African start-ups reached US$51 million in 2022, with two start-ups attracting the largest share of those funds.
In 2022, Central African startups raised US$51 million in equity financing. This is more than double the US$24 million they raised in 2021. The number of US$100k+ deals also rose from 12 in 2021 to 14 in 2022.
However, only two of the eight Central African countries raised the largest portion of the US$51 million financing. They are namely the Democratic Republic of Congo (DRC) and Cameroon. In the DRC, the amount raised went up more than three-fold, from US$12 million in 2021 to US$39 million last year. the country recorded five US$100k+ deals in 2022, compared to four in 2021. in Cameroon, funds raised remained stable at US$12 million year-on-year, with the country recording nine US$100k+ deals , compared to eight in 2021. In both countries, two startups captured the most of the funding. They are Jambo (DRC) and Ejara (Cameroon).
Jambo, which aims to bring Africans into Web 3, a blockchain-based version of the internet, first raised US$7.5 million in February. Three months later, it raised US$30 million in a Series A round.
Meanwhile, crypto platform Ejara raised US$8 million in a Series A round in November. The remaining startups accounted for just US$5 million of the overall funding.
Let's note that on a continental scale, Central African startups attracted just 1.1% of the VC funding raised by African startups last year.