Finance

Africa: 277 startups raised US$1 mln+ per round since Jan 2022

Tuesday, 13 September 2022 19:00
Africa: 277 startups raised US$1 mln+ per round since Jan 2022

(Ecofin Agency) - A growing number of venture capital investors are willing to commit over US$1 million per deal on African startups. The list of countries they are interested in for such deals is long but the main ones are Nigeria, Kenya, Egypt, and South Africa. 

As of Wednesday, August 31, 2022, 277 startups active in Africa had raised US$1 million or more in venture capital funding, for a total of US$3.6 billion. Since early September, new deals have been announced, sending the numbers up.

According to Max Cuvellier, an analyst of the African venture capital industry, more than 100  start-ups operating in Africa have raised US$1 million during a funding round. The figure is a record compared to the mere 40 recorded in 2019. 

This bright performance hides an unequal distribution, however. Nigeria has continued to dominate venture capital activity on the continent with 69 deals recorded, accounting for a total of US$977.15 million raised. It is followed by Kenya where start-ups, despite a smaller number of deals (52) than Egypt (57), raised more money (US$890.2 million against US$636.2 million for Egypt). South Africa, which has long been a magnet for venture capital, was relegated to fourth place, with 35 deals recorded, for US$403 million in venture capital raised.  

The four countries have remained the preferred targets of venture capital investors who were willing to commit more than US$1 million per round. Nevertheless, during the period, the number of African countries on that list rose to 25. Countries like Senegal (with more than US$100 million in venture capital raised) can now count startups, which raised more than US$1 million per round.

The main question now is whether there will be another record in the number of startups that raise more than US$1 million per round in Africa. In 2021, 313 such deals were recorded, with a total of US$4.4 billion raised. One thing is certain, the cap per venture capital round is not yet reached on the continent. 

In 2021, Nigerian fintech Opay set a record by raising US$400 million. This year, although the record has not been broken, with US$260 million,  Kenyan startup Sun King accounts for the highest venture capital funding raised in Africa, according to data seen by Ecofin Agency.



 
Telecom


 
Public Management


Ecofin Agency covers the news from 9 business sectors in Africa: Public management, Finance, ICT, Agribusiness, Electricity, Mining, Oil and Gas, Comms and Laws. Ecofin Agency is also creating and management specialized medias, in paper and on the web/social networks, for institutions or African publishers.

AGENCE ECOFIN

Mediamania Sarl
Rue du Léman, 6
1201 Genève
Tél: +41 22 301 96 11

REDACTION
redaction@agenceecofin.com

Public management
Aaron AKINOCHO
Borgia KOBRI
Moutiou ADJIBI

Finance
Idriss LINGE
Walid KEFI
Chamberline MOKO

Agribusiness
Espoir OLODO

Electricity
Gwladys JOHNSON

Oil and Gas
Olivier DE SOUZA

Mining
Louis-Nino KANSOUN

ITC 
Muriel EDJO

Comms
Servan AHOUGNON

Cameroon
Brice R. MBODIAM
Sylvain ANDZONGO
Monique MAY
Julienne Rose SENDE

Togo
Fiacre E. KAKPO
Waliyullah TAJUDEEN
Séna AKODA

Niger
Sandrine GAINGNE

Gabon
Stephane BILLE
Pierre-Celestin ATANGANA

Desk
Stéphane ALIDJINOU
Souha TOURE
Vahid CODJIA
Diane ZODEHOUGAN
Hikmatu BILALI

Translation
Schadrac AKINOCHO
Mouka MEZONLIN
Firmine AÏZAN



Digital
Omar SOKHNA
Mamadou DIOP
Bacary MANE
Abdel Razak MOULIOM

Digital Marketing
Jérémie FLAUX
Geraud ACHI
Jean Christian BERNARD
Franck FOUTE

Web publishing
Bakoly RAHARISOA
Rina RAMANANDRAISOA
Hasina RAJEMISON

Development
Dominique FLAUX

 


 
REGIE COMMERCIALE
AGENCE ECOFIN
Rue du Léman, 6
1201 Genève
Tél: +41 22 301 96 11
Fax: +41 22 301 96 10

Benjamin FLAUX
bf@agenceecofin.com 
Tél: +41 22 301 96 11 
Mob: +41 78 699 13 72

Voir page 
Nos services
 

 










 



Ecofin Agency is a news agency for economic and sectorial information. It was created in 2010 and it website was launched in June 2011.

Please publish modules in offcanvas position.