A Summary of Africa's Fundraising in 2022
Jan 3, 2023
Michael Isaac
5 minute(s) Read
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Startups across Africa raised a total of over $4 billion in 2022, with over a thousand unique investors and over a thousand unique deals.

Nigeria's Flutterwave and Kenya-based energy tech company, Sun King, secured the largest funding of $250 million each in the months of February and April, respectively, taking home the highest amount of VC investment in 2022.

While 2022 overall may not have been a bad year for African startups, we have recorded the upward and downward trajectory of startup funding since January 2022, with February and April 2022 representing the highest and lowest months in funding, respectively.

In February 2022, African startups raised over $500 million, while in April, a little over $100 million was raised. Also, closing out the year in December 2022, African startups raised a little over $100 million in funding.

Funding Figures Since January 2022
  • January - $400 million.
  • February - $500 million
  • March - $50 million
  • April - $101.6 million
  • May - $221.4 million
  • June - $152.8$ million
  • July - $742.480 million
  • August - $184.2 million
  • September - $174.68 million
  • October - $166.9 million
  • November - $361.13 million
  • December - $136.97 million
Summary of Funding in December 2022

In December, 37 startups in Africa raised $136.97 million, making it the second-lowest month after April 2022 in terms of funding for Africa. Kenya-based energy startup, SunKing, raised the most funding in December following its $70 million Series D funding round.

Other notable funding includes Nigeria's Moove - $30 million, South Africa's LulaLend - $4.7 million.

Here's a breakdown of funding by region:

North Africa

Northern Africa raised $7.4 million in December 2022, a drop from its $233.58 million in November 2022. The funding was led by nine startups from Egypt and Morocco. Of the total nine, four (Egypt’s Muqbis, Mahaseel, Underlie, and DoctorOnline) announced an undisclosed amount.

Other funding include: SideUp - $1.2m, OneOrder - $3m, Suplyd - $1.6m and Brito - $1.25m - all Egypt-basd and Moroccan e-commerce, Justyol - $350k.

Egypt continues to dominate this African region.

West Africa

In this region, nine startups raised $32.5 million in the month of December, with mobility fintech startup, Moove scooping up the highest funding ($ 30 million) round in the region while Daystar Power, Owoafara, and Ghanaian Legendary Foods Africa, announced undisclosed funding.

Others Nigerian startups with funding include: Taeillo - $2.5m, Venco - $670k, and Okra Solar - $4.5m. Ghanaian startups Afrobarometer - $1.1 million and Benzo - $750K also raised funds respectively.

Nigeria continues to dominate this region.

READ ALSO - 2023: Top Five Tech Trends To Watch Out For in Africa

East Africa

In East Africa, 12 startups - all Kenyan - raised $973 million in the month of December, with SunKing, bagging the highest funding in the region. Kubik, an environmental tech startup, announced undisclosed funding.

Other notable funding include Uncover skincare - $1m, Zeraki - $1.8m, Ecodudu - $450k, Myhealth Africa - $1m, Stax - $500k, Komaza - $9.5m, Kapu - $8m, Badii - $2m, Solarise Africa - $3m, and Gridless - $2m.

Kenya continues to dominate in this region.

Southern Africa

Eight startups in this region raised $9.7 million in December 2022, with half the number of funding rounds being undisclosed funding - Club Travel Corporate, Ukheshe, Scarabtech, and Ollie Health - All from South Africa.

Other funding includes: Zimbabwean mobility startup, Mobility4 Africa - $2m, South Africa’s Centbee - $1m, Finclusion Group - $2m, and LulaLend - $4.7m.

South Africa continues to dominate the Southern African region.

Central Africa

Central Africa also played a part in funding figures for December with Gabonese e-commerce, Olatono raising $47k.The only other time this region contributed to funding figures in 2022 was in February with Congolese Web3 startup, Jambo landing $7.5m.

A Summary of Africa's Fundraising in 2022

In 2022, African startups surpassed its total funding from the previous year. The African tech space started off 2022 with a strong bullish outlook, with funding rounds in H1 even surpassing the total amount of funds raised in 2021.

However, the continent took a deep break in H2 when it appeared as though it has lost steam.

2022 in Retrospect
  • A total of $4.8b + was raised in 2022.
  • 1,000+ deals of $100k or more have been announced in 2022.
  • Africa has attracted more interest than ever before: 1,000+ unique investors have participated in at least one deal on the continent in 2022.
  • Nigeria, Kenya, Egypt and South Africa continue to dominate their respective regions.
  • Fintech raised the bulk of funding in 2022 with 37% of the total funds raised.

In 2023, experts project a strong positive outlook for African Startups and the tech ecosystem in general.

Data from DealBase and Africa: The Big Deal

Jan 3, 2023
Michael Isaac
5 minute(s) Read
Startup Report in 2022
African Startup Funding

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