The African startup space has experienced exponential growth over the last three years as we saw a peak in 2019 where varying sources reported Africa’s best year of raising funds from local and international venture capital firms.

In these past years, we also saw interesting positioning for Africa upon the arrival of high profile individuals like Jack Dorsey of Twitter and Jack Ma of Alibaba. There was also the initial public offering by e-commerce giant Jumia and a massive $100 million round - all positioning Africa’s ripe age in all things tech

In 2021 ending, a report by The Big Deal indicated that African startups have secured funding 2.5 times more than what was raised in 2020 - with over 800 deals worth over $100k totalling $4.27 billion. This report has left a promising New Year for the tech space in Africa - which by virtue of growth experienced in the past years, it was projected to triple in the effort by Q2 of 2022.

In January ended, reports reveal that the tech space has raised more than $400 million by 44 startups with 34 deals in the month of January.

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In January, Africa has recorded 11 startups securing funds from the North African region, 10 from Southern African region, while the West and East region of the continent shared 15 and 8 respectively.

Of these 44 startups, 11 had announced undisclosed funding with Tunisia’s Enterprise AI Instadeep securing $100m - making that the biggest disclosed funding for African Startups in January 2021.

Countries like Kenya, South Africa, Nigeria and Egypt continue to dominate their respective region as Fintech and e-commerce continue to grow in Africa.

Funding Raised in January 2022

North Africa

In the Northern region of Africa Egypt continues to dominate the startup space. A total of $107 million was raised in January. And this number is excluding, undisclosed funding from 5 Egyptian startups OBM Foundation, Super FNY, Crafty Workshop, 3atter, and SplendApp as well as Morocco’s Chari bridge funding. Notable funding from this region includes Tunisia’s Instadeep ($100m), Egypt’s Brimore ($2.5m), Orcas ($2.1m) and Tawfeer ($500k).

In the region, edtech and e-commerce platforms have raised the most funding so far even as fintech lead the region overall in 2021. No fintech platform has raised any funding in North Africa as of January 2022 ending.

Southern Africa

In this African region, startups have secured a total of $56.7 million with the exception of undisclosed funding from Wamly - a digital platform that prepares candidates for interviews.

In Southern Arica, Fintech continues to gain more ground with fintech platform Finclusion and gaming startup Carry1st securing $20 million (respectively) as the highest deals in January 2022.

Others funding in this region came from Jabu ($3.2m), Health Leap ($1.1m), Orderin ($4.5m), Floatpays ($4m), Tallorder ($3m) and Comparisure ( $980k).

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Unlike in the Northern region of Africa where Edtech and e-commerce led, in Southern African region, the vertical is spread across healthtech, fintech, and e-commerce.

South Africa led with eight out of the nine startups in the Southern region while Namibian e-commerce startup Jabu makes up for the rest.

East Africa

In January, Startups in East African have raised $139 million in funding with Kenyan-based E-commerce startup Copia bagging up $50 million, followed by Ugandan startup Asaak ($30m) and another Kenyan startup, POA ($28m).

Other startups that raised funds include Alvin ($740k), Lipa Later ($12m), Zanifu ($4.5m), Sote ($4m), Nala ($10m) - Of the total number, seven startups hail from Kenya, with Uganda and Tanzania having one each.

West Africa

In the Western region of Africa, 15 startups have raised a total of $97m, excluding undisclosed funding rounds from Nigeria’s Pivo and Mustard and Benin Republic’s Fedapay.

Leading in this region is Ghana’s mPharma, securing $35m, with another Ghanaian startup, Float closing in $17m. Close by are Nigeria’s Bamboo ($15m) and Seamless HR ($10m).

Other startups include, Bfree ($1.7m), ThankUCash ($3.5m), Afrikrea ($6.2m), Orda ($1.1m), Frain ($374k), Paps ($4.5m), OZÉ ($3m), Vesti Technologies ($500k).

In West Africa, fintech platforms continue to lead. In the region also, Nigeria continues to lead with nine of the total fifteen startups being Nigerian startups.

We return in February with more numbers.