April Witnessed a Surge in African Startup Funding, with $111 Million Raised by 20 Startups

Following a sloppy funding range of $39 million in March, African startups restarted their momentum in April, securing a total of $111 million across 20 different ventures. This figure closely aligns with the fundraising success experienced in January, where 31 startups collectively raised over $100 million.

Geographically, West Africa led the pack with 8 startups securing investments, while South Africa followed closely behind with 6. North Africa and East Africa claimed 4 and 3 startups, respectively. Notably, there were no entries from Central Africa during this period.

Out of the 20 startups that secured funding in April, 4 chose not to disclose the specific amount raised. However, Kenyan aquaculture platform Victory Farm emerged as the highest disclosed investment, securing an impressive $35 million. In March, South Africa's crypto exchange Yellow Card held the top position, raising $40 million.

READ ALSO - Supercharge Your Productivity with These 10 Game-Changing AI Tools

Consistent with previous trends, Nigeria, Kenya, and South Africa continued to dominate their respective regions in terms of fundraising, with fintech companies leading the way in terms of numbers.

Egypt took the lead in North Africa's fundraising landscape, but February and March witnessed a significant upswing in investments from Morocco. However, in April, Tunisia emerged with the upper edge in securing funding.

The continued success in startup funding across various African regions highlights the growing interest and confidence in the continent's entrepreneurial ecosystem. As more innovative ventures emerge and investors recognize the untapped potential, the African startup landscape is poised for further growth and advancement.

Here is a summary according to regions

North Africa

Tunisian gaming startup Coaches successfully raised $191K, while online sales platform Drest secured an impressive $396K.

Other funding includes Egyptian infrastructure management startup Pylon - $19 million.

This is also marking the third consecutive month that Egypt has not dominated the fundraising scene in the region in 2023.

It remains to be seen if Morocco or possibly Tunisia will seize the opportunity to challenge Egypt's historical dominance over North Africa's fundraising activities. The coming eight months will provide valuable insights into the future dynamics of the region.

East Africa

In a remarkable showcase of the East African startup ecosystem's vibrancy, startups in the region secured a total of $37 million in funding. Notably, Victory Farm emerged as a standout with a remarkable $35 million investment. Additionally, Chapter, a participant in the prestigious Techstars Accelerator program, secured $120K in funding.

READ ALSO - Capria Completes First Close of $100 Million Global South Fund II

Another noteworthy achievement came from D.light, a Mauritius-based startup, which raised an impressive $1.9 million.

West Africa

This region produced 8 startups that secured $7m, this is in sharp contrast to March which saw 5 startups secure up to $12.4m. Autotech startup, Mecho and Chekkit announced undisclosed funding.

Kredete, Luca Africa and Bezomoney received $120k each from Techstars Accelerator. Logistics startup, Chargel received $2.5m.

Transit tech startup, Shuttlers secured $4m, while fintech startup, Storspay raked in $320K.

South Africa

Startups in this region raised $47.3m with energy startup, Yellow and agtech startup, Farmtrace announcing undisclosed investments.

The rest of the startups are, Peach ($31m), Paymenow ($14m), Maholla ($1.5m) and Maltento ($788K)

We return in June for a summary of funding in the month of May.