In the month of August, 34 African startups raised an estimate of over $184.2 million. According to the various funding announcements, seven of the startups that raised funds were undisclosed funding.

West Africa led this month with 15 startups, while North Africa followed with nine startups as both Southern and East Africa produced the remaining 10 startups, five respectively.

Nigeria’s fintech, Teamapt raised the highest funding with $50 million.

Nigeria, Egypt, South Africa and Kenya continue to lead their respective regions with fintech leading as the most funded tech sector of the continent.

Funding for African startups has continued to show an unbalanced output in the past three months and as such, it has become near unpredictable to make projections for the continent. And this is, however, not peculiar to only Africa as funding from the venture capital market has shown a slow progression globally since February.

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However, some experts still project a positive outlook for the continent with reports of how Africa has already surpassed its funding for 2021 in the first half of 2022.

Here is a summary of funding in the month of August:

West Africa

Nigeria led the West African region and the entire continent with a fundraising of $50 million.

Of the 15 startups that raised funds, 10 are from Nigeria - Beacon Power Service - $2.2m, Koolboks -$2.5m, Pastel - $5.5m, Youverify - $1m, Grey - $2m, Anchor - $1m, Duplo - $4.3m and the earlier mentioned Teamapt securing $50 million.

This region raised a total of $81.12 million of which undisclosed funding by Nigeria’s Aku and Omnibiz are excluded. Nigeria covered 85.1% of the region’s funding, unlike July, where only 8 Nigerian startups made up 58.6% of the funding.

Other fundraisers include Senegalese Socim Job - $1m and Dialibatou - $390k, Ghanaian Zeepay - $10m and Wamiagro - $227k as well as Cameroon’s Taaply - $500k.

READ ALSO - A Summary of Africa's Fundraising in July 2022

North Africa

Egypt swept all the funding for this region in the month of August with nine Egyptian startups raising $67.6 in total funding from North Africa,

Adtech startup, ArabyAds led with - $30m while edtech OBM declared an undisclosed six-figure amount. Other notable funding include Homzmart - $23m, Bonbell - $350k, Sharwa - $2m, Convertedin - $3m, Oneorder - $6.5m, Zeew - $360k and Subsbase - $2.4m.

Egypt has dominated this region all year round.

South Africa

South Africa led all the funding across this region in August.

DataProphet secured $10 million as the highest in this region, while logistics platform Droppa and metaverse startup Sodaworld announced an undisclosed amount.

Homefarm raised $104,000, while Finaccess received $500,000.

East Africa

In August, five startups raised $24.9m in this region. Two of the startups, Tripesa and Lori System from Kenya and Uganda, respectively announced undisclosed funding.

Other notable funding includes Kenyan insurtech Lami secured $3.7m, Agtech iProcure - $10.2m and fintech Pezesha's $11m.

No funding emanated from Central Africa in August just like in July. African startups have raised over $2.01 billion so far in 2022.