African Startups To Look Out For In 2022
In 2021, African tech startups surpassed their mark with collective funding worth over $2 billion. This year, the trend is not slowing down. With collective funding of over $200 million, according to Business Insider, in just the first month of 2021, these startups are making it very clear that they are not slowing down.
Here are 5 African startups that have raised the most funds so far in January 2022.
Copia Global announced it had raised $50 million in a Series C equity round led by Goodwell Investments. First launched in 2013, Copia is the first and only B2C e-commerce platform with a distribution solution to serve the middle and low-income African consumer market. The e-commerce company is known for quality products at affordable rates, as well as dependable low-cost logistics services.
The Ghanaian health-tech startup raised $35 million in a Series D funding round that was led by JAM Fund, Unbound, Lux Capital, Northstar, Social Capital, etc. The deal comprised $30 million equity and $5 million in debt.
The funds would be used to build a chain of community pharmacies across Africa and create data infrastructure as they race to be the primary healthcare service provider for millions across the continent.
The Ugandan fintech startup announced they raised $30 million in a pre-series A funding round led by notable investors like Resolute Ventures, Social Capital, Founders Factory Africa, etc. The funding would enable the company to “accelerate product development and geographic expansion”.
The Kenyan internet service provider recently announced it had raised the sum of $28 million during a Series C round led by Africa50 and Novastar Ventures. The secured funding would be used to grow its reach across Kenya then progressively to other countries in Africa.
The South African mobile games and interactive content publisher announced it had raised $20 million in a Series A extension round led by Andreessen Horowitz, with participation from Google’s Africa Investment Fund, Avenir, etc.
African StartUp Growth In Numbers
From 2015 to 2021, the number of African startups securing investment has increased by 351.2 percent.
Despite the low inflow of investors in 2020, the number of funded startups grew to 397 companies in 2020, and the funding total was almost triple at 190.6 per cent – the US$701,460,565 banked the previous year.
In 2021, startups increased from 397 in the previous year to 564. These startups raised a combined US$2,038,627,500 that same year.
Countries With The Most Funded StartUps
In 2020, Nigeria lead the “big four” in terms of startups with the highest funding. A total of 161 startups raised a combined total of almost US$800 million.
Other countries considered strong holds from a funding perspective includes: Kenya, South Africa, Egypt, Uganda and Ghana.