In March 2023, a total of 18 African startups secured $39 million in funding. This is a fall from January and February 2023 where a total of $100 million and $200 million were raised respectively.

4 startups out of the total Out of 18, announced undisclosed funding, while the Egyptian Video platform, Almentor raised $10 million, snatching the position of the highest fund raised in the month of March 2023.

Startup Funding in March 2023

West Africa

Five startups in West Africa raised a cumulative $12.4 million. There was no undisclosed funding from this region. Interestingly, Nigeria has continued to dominate this region for the longest. However, Senegalese fleet management startup, Fleeti and Guinea’s Fintech, YMO, came close to beating the record, haven raised $3.1 million respectively.

The three remaining funding, however, was led by Nigeria: Fez Delivery - $1m, House Africa - $400k and OnePipe - $4.8m.

North Africa

This region, like West Africa, also had five startups raising a total of $13.2 million. Morocco led with three funding: Konta - $1.1m, Palm - $1.9m and Votre - $240k.

Egypt also followed with Almentor raising $10 million, while Tunisian edtech startup, Shape announced an undisclosed funding.

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East Africa

Startups in this region raised a total of $7 million, with Kenyan healthtech, Tibu Health and Recommerce startup, Badili announced undisclosed investment.

Rwazi a market intelligence startup from Mauritius secured $4m, while Rwanda’s Neobank, Payday secured $3m.

South Africa

Only two startups from South Africa raised funds in the month of March - Transport startup, Conservio - $500k and Ramp - $5m.

Central Africa

This region made a surprising appearance in the month of March with two startups from DRC securing investments. Edtech platform, ITOT Africa announced undisclosed funding, while energy firm, Nuru closed $1.5m

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