We’ve been curating our monthly African fundraising journey since the beginning of the year, and it’s very exciting to be able to offer Techbuild a funding round ending in 2022.
December was not favorable for investment as 32 African startups secured $147.41 million in investment.
With the increase in November fundraising, we expected December to continue to increase, but November was the only outlier in the ‘flaming’ month.
North Africa spawned 7 startups, 5 from the Southern region and 12 from East Africa, while 7 startups secured funding in the West African region. After a while, we have one funded startup in the Central African region.
8 of 30 Startups Announce Undisclosed Amounts, Kenyan Solar Energy Provider Startup Sun King Expands Series D Funding to $330M, with $70M in Equity Investment has been secured.
There is no change in the country that dominates the region as Nigeria, Egypt, South Africa and Kenya continue to invest heavily in their respective regions.
The funding situation by region is as follows.
north africa
The region saw a 96.2% drop in funding from November, with seven startups raising just $7.4 million. Egypt’s Mukbis and Mahashir announced an undisclosed amount.
Other Egyptian startups that have raised funding include SideUp ($1.2m), OneOrder ($3m), Suplyd ($1.6m) and Brito ($1.25m). The only non-Egyptian entrant is Moroccan e-commerce company Justyol ($350,000).
From January to December, Egypt dominated the North African funding scene, and 2023 will most likely be no exception.
West Africa
Seven startups raised $37.7 million in the region, with mobility fintech startup Moove taking 79.5% ($30 million) of investment in the region, and Glover, Owoafara, and Senegalese Chargel making undisclosed announced funding.
Others include Taeillo ($2.5M), Venco ($67M) and Okra Solar ($4.5M). Six of these start-ups are Nigerian, and the world’s most populous black nation continues to dominate the region.
east africa
Seven startups in the region raised $75.6 million in November, while 11 startups raised $97.3 million in December. As mentioned earlier, Sunking raised the highest amount in the region and Africa this month.
All 12 startups are Kenyan and scooped 100% of the funding. This indicates that the country will continue to dominate the East African region with her VC investments. His Kubik, an environmental tech startup, was the only one to announce an undisclosed funding round.
Other startups include Uncover skincare ($1M), Zeraki ($1.8M), Ecodudu ($45M), Myhealth Africa ($1M), Stax ($50M), Komaza ($9.5M), Kapu ($8M), Badii ($2M), Solarise Africa ($3M), Gridless ($2M).
South Africa
Three of the five startups in the region announced private funding, two fintechs (Ukheshe and Finclusion Group) and clean tech startup Scarabtech.
Zimbabwean mobility startup Mobility4 Africa has announced a $2 million investment, while South African blockchain payments company Centbee has raised $1 million.
central africa
The last time participants from the region appeared on our fundraising journey was in May, when Congolese Web3 startup Jambo secured $30 million. This time, Olatono, a Gabon e-commerce company, has raised his $47,000.
Looking back on 2022 fundraising
In total, African startups have raised over $3.5 billion in 2022. Here’s the breakdown by month:
January ($419.99 million), February ($522.72 million), March ($640.8 million), April ($111.6 million), May ($255.2 million), June ($152.8 million), July ($445.15 million), August ($186.7 million), September ($174.68m), October ($134.87m), November ($309.87m) , December ($147.37m).
After three consecutive months of declines in VC funding from August to October, November saw a glimmer of hope.
Flutterwave in Nigeria and Sun King, a Kenyan-based energy technology, have been the highest monthly VC investments in 2022, raising $250 million in February and April respectively.
This was followed by South Africa’s H20 Securities in July and Algeria’s Yassir in November, each raising $150 million. Interswitch has compiled the top five African startups with the highest monthly VC investment after raising his $110 million in May.
Sunking raised another $70 million in December, making it its highest ever funding of 2022.
Nigeria, Kenya, South Africa and Egypt continue to be the biggest winners in their respective regions.
We look forward to seeing what 2023 brings as African startups continue their innovative journey.
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