African start-ups raise over US$500M in the month of February

AFRICA – African start-ups have raised over US$500 million in funding in the month of February shadowing the amount raised in January.

February’s fundraising saw 16 start-ups secure funds from the North African region, 5 start-ups from the South African region, 9 from East Africa, and 16 from the West Africa region.

Out of the 47 startups, 8 announced undisclosed funding with Nigerian-owned Flutterwave securing US$250 million to hit unicorn status and the biggest disclosed funding for African Startups in February 2022.

Nigeria, Egypt, Kenya, and South Africa like the previous month continue to dominate their respective region with fintech still taking over the scene for the month of February.

A total of US$77.7 million was raised in this region excluding undisclosed funding from 3 Egyptian startups, Nawah Scientific, Elmenus, and FreshSource

Out of the 16 startups that raised funding, 13 are Egyptian, Tunisia’s Avidea (US$696k), Morocco’s Wafr (US$372k)  and Freterium (US$4 million) took the other 3 spots.

This clearly shows that Egypt continues to dominate the North African startup scene as it acquired 98.5% of the total disclosed funding of the region.

Startups from the Southern African region secured a total of US$24.3 million with no case of undisclosed funding with API fintech Stitch closing the largest round (US$21 million).

South Africa produced all the 5 startups in this region. The previous report shows that only Namibia produced one.

East African startups raised US$66.6 million in funding with Kenyan MarketForce securing the highest (US$40 million).

Renewable energy Sistema raised US$15.6 million, followed by another Kenyan startup Basigo (US$4.3 million), and yet  Kenyan logistics Amitruck (US$4 million).

This total amount excludes undisclosed funding from fintech startup Chapchap and API fintech Credrails, both from Kenya.

Fintech also dominated in this region while 7 out of the 8 startups are Kenyan, with only one from Uganda.

In West Africa, 16 startups in the region secured up to US$344 million, excluding undisclosed funding rounds from Nigeria’s mobility startup Max, and Cameroon’s fintech company Maviance.

Asides from the earlier mentioned Flutterwave, Healthtech startup Reliance HMO raked US$40 million, followed by Paix (US$20 million) from Ghana and mobility fintech Moove with US$10 million.

Fintech secured more funding in this region than any other vertical. Out of the 16 startups, 13 are Nigerian with Senegal, Ghana, and Cameroon having the other 3 spots.

February also saw a new entry from In Central Africa, Jambo a Congolese-based web3 startup secured US$7.5 million.

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