A Summary of Africa's Fundraising in October 2022
Nov 1, 2022
Michael Isaac
4 minute(s) Read
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In October, a total of 40 African startups raised an estimated total of over $166.9 million across the continent. Of the total number of startups, 14 raised undisclosed funds, while 29 were said to have raised an estimated $132.9 million.

This is also a drop from the previous month, September, when a total of 49 African startups raised an estimated total of over $174.68.

MaxAB, a business-to-business (B2B) e-commerce platform based in Egypt, got the most funding on the continent with $40 million in its Series B round. Other notable funding includes Egypt's MoneyFellows - $31 million and Nigeria's Moove - 16.8 million.

Kenya, South Africa, Egypt, and Nigeria continue to lead across the continent, with each country leading in their respective regions.

Here's a breakdown of the funding across the African continent

West Africa

Data from DealBase Africa

Startups in this region raised a total of $38.7 million. All eight startups with funding in this region are from Nigeria. Seven startups disclosed funding, while Chezie, the employee platform, raised undisclosed funds.

Funding from this part of Africa includes Spleet - $2.6m, Stears - $3.3m, Lifestore - $3m, SmallSmall - $3m, Bumpa - $4m, Moove - $17m, and Maplerad $6m.

Nigeria records a 100% funding raise in October and continues to dominate the West African region,

North Africa

Data from DealBase Africa

17 startups raised funds in this region, with 16 being from Egypt, while Tunisia’s Sghartoon completes the list with funding of $150k. Roboost, Kiwe, Cryptyd and Vezeeta (all Egyptian-based) announced undisclosed funding.

Funding from this region includes Glamera - $1.3m, Trella - $6m, MoneyFellows - $31m, Seqoon - $500k, Karmsolar - $2.4m, Nexta - $5m, FlapKap - $3m, Telda - $20m, iSupply - $1.5m, CardoO - $660k, and Kenzz - $3.5m.

Egypt continues to dominate the Northern African tech funding space.

South Africa

Data from DealBase Africa

Nine deals were completed in this region, all from South Africa. Five startups raised undisclosed funding from this region while four raised over $3m.

The funding from this region includes Bookt - $150k, Sun Exchange - $138k, Livestock Wealth - $550k and Talk360 - $3m. The undisclosed funding includes Strove - a wellness platform, Propsource - a proptech platform, CapeAI - AI, Big Data & Deeptech platform, Omnisient - AI, Big Data & Deeptech platform and Tractor Outdoor - a mediatech platform.

South Africa continues to dominate the tech funding space in this region.

East Africa

Data from DealBase Africa

In October, three startups raised a total of $7.5m in this region. All three startups are Kenya-based, with fintech startup, Tanda announcing an undisclosed investment.

Other funding include Purple Elephant Ventures - $1m and Moko - $6.5m

There was no recorded funding from Central Africa in the month of October. We return in December for the summary of funding in November.

Nov 1, 2022
Michael Isaac
4 minute(s) Read
Africa Funding
Black Founders
Tech Funding in Africa

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