In the month of April 2023, Twenty African startups raised over $11 million in funding, which signalled progress from the funding cycles that have been recorded since January 2023.

However, in the month of May, 27 startups raised over $390 million with 12 out of the 27 startups raising undisclosed funds in their respective funding rounds.

Each African region had a fair share of startups raising funds, with North, South, and East Africa contributing 7 startups respectively, while West Africa recorded 6. Unfortunately, no startups emerged from Central Africa in the fundraising journey of May.

Leading the funding In May was M-Kopa, an asset financing startup from Kenya, that raised $250 million. Nigeria, Kenya, and South Africa continued to dominate their respective regions, with the fintech sector bringing a larger chunk of the funding rounds across the continent in May.

While Egypt has continued to lead the Northern African Region in overall funding, we experienced a down slinging of Egypt-based startups in the month of February and March, with Morocco taking the lead and Tunisia leading in April. However, in the month of May, Egypt regained its position in the lead for funding across Northern Africa.

Here is a summary according to regions

West Africa

In this region, six startups secured a total of $40.2 million. Zeeh Africa from Nigeria and Kofa from Ghana did not disclose their funding amounts. Gricd, now Figorr, closed at $1.5 million. Cameroon's fintech company, Nkwa, raised $15k, while B2B e-commerce platform Sabi secured $38 million. Kunda Kids closed their funding round at $700k.

North Africa

Among the seven startups in this region, four are Egyptian, and the rest are Moroccan. The Egyptian startups are Balad (Undisclosed), Helpoo (Undisclosed), Dawi Clinic ($8m), and Axis ($8.2m). The Moroccan startups are Chari (Undisclosed), DataPathology ($1m), and Prestafreedom ($1.1m). Overall, this region secured $18.2 million in funding. It remains to be seen if Morocco or Tunisia will take the lead in June regarding investment in North Africa.

South Africa

Startups in this region raised a total of $78.8 million, with digital banking startup Tyme securing 98% of that amount with its $77.8 million funding. Out of the seven startups, five did not disclose their funding figures. The undisclosed startups include Kula, Play Sense, Digsconnect, Quromedical, and Port443. Additionally, wildlife travel startup Viatu, operating in Namibia, raised $1 million. Six out of the seven startups are from South Africa.

East Africa

Seven startups from East Africa raised $254.1 million in funding. As mentioned earlier, Kenyan startup M-Kopa received the highest investment at 98%. Zydii and Elevate Hr announced undisclosed funding amounts. The remaining startups are Novfeed ($1m), Amini ($2m), Raise ($120k), and Zofi Cash ($1m).

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