In February 2023, 32 African startups raised over $200 million in funding across major tech sectors. This is a remarkable increase from January when 31 startups raised over $100 million in funding.

The funding trajectory for African startups has been receding recently following a heavy drop in the last quarter of 2022. However, with a 100% increase in February 2023 against January 2023, experts still project a positive outlook for startups across the continent.

Of the total number of startups, three announced undisclosed funding, with South Africa’s car subscription startup Planet42 grabbing the highest amount of $100m in funding for February.

Startup Funding in February 2023

West Africa

This region saw funding from ten startups closing a total of $37.35m, excluding undisclosed funding rounds from Nigeria’s e-health startup, Famasi.

Other notable funding includes Nigerian Clinify - $1.5m, Earnipay - $4m, Smile Identity - $20m, Pade HCM - $500k, Jendaya - $1.2m, Pressone Africa - $600k, Curacel - $1.3m, Releaf - $250k.

Also, Burkina Faso and Benin Republic’s Qotto secured $8m.

East Africa

In this African region, $20.5 million in funding was raised by five startups. This is excluding undisclosed funding from Kenyan blockchain startup, Fastagger announcing undisclosed funding.

Other notable funding includes Jumba - $4.5m, BuuPass - $1.3m, Mawingu - $9m, Power - $3m, and Workpay - $2.7m. The entire funding in this region was led by Kenyan startups.

North Africa

North Africa raised a total of $25.4 million led by nine startups - this is excluding undisclosed funding by Morocco’s fintech startup, Gwala. Morocco led the list with five startups while Egypt followed with the remaining four.

Egypt’s health tech startup Yodawy secured the highest funding - $16m.

Other funding includes Hollydesk - $1m, Mobile Msr - $500k, and Gameball - $3.5m (all Egypt-based), and Terraa - $1.5m, ShareId - $1.9m, Chari - $1m, Sand to Green - $1m (all Morocco-based).

Southern Africa

Southern Africa raised a total of $165.65 million, with no undisclosed funding. This region led with the highest funding in Africa for February 2023.

The funding round includes Planet42 - $100m, Rnr - $555k, Sendmarc - $7m, Naked - $17m, Envisionit Deep AI - $1.65m, Yellow - $5m, and Lulalend - $35m - all South African-based startups. All the startups are from South Africa.

There was no funding round from Central Africa.

We return in April for a summary of funding in March 2023.