Finance

WAEMU: Senegal attracted the most VC investments as of end August

Wednesday, 14 September 2022 18:27
WAEMU: Senegal attracted the most VC investments as of end August

(Ecofin Agency) - In the region, venture capital financing was down but Senegal has remained the country most attractive for venture capital investors. 

As of August 31, 2022, Senegal was the WAEMU country with the largest venture capital funding in the region. During the period, its startups captured US$106.2 million in venture capital funding. The bulk of that financing (US$91.5 million) was raised by Wave from private and institutional investors. In 2021, the same scenario played out when Wave raised US$200 million. 

In the region, Senegal was followed by Togo which raised US$10 million in venture capital financing in one transaction, and Côte d’Ivoire, which secured US$8.2 million in VC financing in three transactions. Even if the current investment rhythm is sustained all through 2022, the volume of venture capital attracted by the region will be down year-on-year.  Indeed, the number of WAEMU countries that attracted venture capital financing in 2022 is fewer than those that did so in 2021. In 2021, besides Côte d’Ivoire, Senegal and Togo, we had  Benin and Mali. 

Despite their market potential and financing needs, startups operating in French-speaking West African countries are struggling to raise as much venture capital financing as their peers in English-speaking countries like Kenya or Nigeria.

Let’s note that as of August 31, 2022, 277 startups operating in Africa had secured more than US$1 million in one round. The overall venture capital financing they secured was US$3.6 billion at the time. That volume may have increased because new deals were announced earlier this month. 



 
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.