In July, African startups raised $742.480 million. 27 startups raised $444.48 million while $298 million was raised by South Africa’s Metro Fibre Network from Standard Chartered Bank.

This update represents a rise in funding from the previous month when $152.8 million was raised by 42 startups.

Funding for African startups has continued to show an unbalanced output 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.

Source: Enrich Africa

West Africa led with the number of startups who raised funds in July with 12 startups while North Africa followed with 7 startups, 5 startups originated from the Southern African region and East Africa wrapped up with 3 startups.

Five out of the total 27 startups announced undisclosed funding. However, South Africa’s H20 Securities (solving water scarcity through blockchain) raised the largest funding in the month with a $150 million deal that released some of the startup's tokens.

The $150 million by H20 Securities represents an increase in the largest funding round when compared with June's $30 million by Ghanaian health tech, Fido.

Countries in the big four - Nigeria, Egypt, Kenya and South Africa continue to dominate their respective regions with fintech startups continuing to raise the most funding in the continent.

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

West Africa

West Africa raised a total of $123.48 million by 12 startups in July. This is excluding undisclosed funding from Ghanaian e-mobility startup, Solar Taxi and Senegalese fintech, Monetic Group.

Senegalese Wave raised the highest funding in West Africa with $91.5m

Nigeria led with 8 startups - Winich - $790k, CreditCheck - $240k, Zazuu - $2m, Swipe -$500k, Moove - $20m, Scorefam - $25m, Ubenwa - $2.5m, Evolutics - $250k. Ivory Coast fintech, Bizao covered the rest with $8.2m.

Nigeria continues to prove to be the giant of this region, dominating this region all year long while also accounting for 58.6% of funding in West Africa’s total funding in July.

North Africa

This region raised a total of $21.45 million by 7 startups. This is excluding undisclosed funding from Egyptian-based startup, Stllr Network and Tunisia's Paymee.

Of the total startups, 3 originated from Egypt, and 2 from Morocco, while Sudan and Tunisia shared the remaining one respectively.

Notable funding includes Aza Petrosolutions - $250k, Cartona - $12m, Bloom - $6.5m, The Fashion Kingdom - $2.6m and Smartprof - $50k.

Egypt has continued to dominate this region all year long while accounting for 86.4% of the total funding in this region for the month of July.

South Africa

Funding raised in this region came from 5 startups all of which originate from South Africa. The number of funds raised in this region is $201.6 million. This is excluding undisclosed funding for Digsconnect.

Notable rounds include H2O Securities - $150m, Michanic - $400k, Qwili - $1.2m, and Cassava - $50m.

East Africa

Only 3 startups raised a total of $98 million in this region. This represents an increase for the region when compared to June when 10 startups raised $37m,

All three startups are from Kenya. The region also didn't record any undisclosed funding.

Startups that raised funds include Crossboundary - $40m, Solar Panda - $8m, and D.light - $50m.

Central Africa

No funding was raised by this region in July.

African startups have raised $2.01 billion in the first half of 2022, surpassing the total funding it made in 2021. We can only hope that the numbers continue to go up.

We return in September for a summary of the funding raised in August.