Agence Ecofin TikTok Agence Ecofin Youtube Agence WhatsApp

Finance

West African startups raised $231.7bln in Q1 2021 (report)

Thursday, 27 May 2021 14:21
West African startups raised $231.7bln in Q1 2021 (report)

(Ecofin Agency) - West African startups have started 2021 on a good note in terms of fundraising operations. Over the first three months of the year, they mobilized a total of $231.7 billion through 34 financing rounds. Figures were revealed in a recent report published by Baobab Insights.

Although funding levels have not yet reached those of 2019, before the covid-19 crisis, the mobilization in Q1 2021 reflects a significant increase from the $62.2 million in 41 funding rounds completed in Q4 2020.

The majority of the funding was raised by a single company, Nigerian fintech Flutterwave, which raised $170 million in March 2021 through Series C funding and became an African unicorn with a valuation exceeding $1 billion.

Fintech, healthcare technology companies, and transportation and logistics companies were the three most sought-after industries by investors in the region during the period. The report also reveals that these investors were more likely to provide funding between $500,000 and $5 million and reduced investments below $500,000.

This growing number of larger deals may be an indication of a maturing ecosystem with a high frequency of subsequent funding rounds, Baobab Insights says.

Chamberline Moko

 
Mining


 
Telecom


 
Public Management


Ecofin Agency provides daily coverage of nine key African economic sectors: public management, finance, telecoms, agribusiness, mining, energy, transport, communication, and education.
It also designs and manages specialized media, both online and print, for African institutions and publishers.

SALES & ADVERTISING

Benjamin FLAUX
bf@agenceecofin.com 
Téls: +41 22 301 96 11 
Mob: +41 78 699 13 72
Média kit : Download

EDITORIAL
redaction@agenceecofin.com

More information
Team
Publisher

ECOFIN AGENCY

Mediamania Sarl
Rue du Léman, 6
1201 Geneva
Switzerland

 

Ecofin Agency is a sector-focused economic news agency, founded in December 2010. Its web platform was launched in June 2011. ©Mediamania.

Please publish modules in offcanvas position.