2. African Startup Funding 2022
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3. African Startup Funding 2022
The information used in this report was collected in real-time via public announcements, direct
sourcing from investors and startups, and confirmed anonymous tips.
It only considered disclosed rounds.
Cover page map icon: Freepik.com
Methodology
Credit
4. African Startup Funding 2022
Highlights
$4.18b $3.28b
421
disclosed deals
by African
startups
VC funds targetted
at African startups
announced in the
year
disclosed
deals by 370
startups
Startups in
the Financial
Services space
accounted for
47% of the
amount raised
150+
undisclosed
deals
Kenya and
Nigeria were
responsible for
46.1% of the
amount raised
in the year
46.1% 47%
Series
rounds
accounted
for 60.6% of
the amount
raised
60.6%
5. African Startup Funding 2022
Introduction
In 2021, just after a COVID-19-ravaged 2020, Nigerian startups hit ten figures, with $1.1b in funding
for the year from $120 million the previous year. In 2022, the amount raised by Nigerian startups
dropped to $136.2m. Despite the drop, funding for African startups has increased again.
African startups started 2022 on a good note, raising $412 million in January, $645 million in
February, and $627 million in March. However, monthly figures took a hit afterwards, with no other
months recording up to $500 million.
A total of $2.62 billion in VC funds targeted at African startups was announced in 2022; note that
this doesn’t include funds that invest in African startups and those from other regions.
In the end, African startups announced a little over $4 billion in funding for the year, with Kenya,
Nigeria, South Africa, and Egypt raising most of the funds as in previous years. These countries are
also the continent’s major startup hubs.
Being true to form, more African entrepreneurs are participating in the funding rounds of other
startups.
Depending on who you ask, the figures you will get for African startup funding for 2022 are between
the one with the lowest figure and the one with the highest.
African startups, as defined in this report, are startups:
• Founded and or headquartered in Africa
• That are ten years old or less
• That are not publicly listed
7. African Startup Funding 2022
Breakdown of funding rounds
Four in every ten funding rounds in
the year were Seeds but they only
accounted for $1.4m of every $10m
in value. Only 22 Series B rounds
accounted for 23.3% of the amount
raised.
9. African Startup Funding 2022
Share of rounds by deal size range
There were more funding rounds
between $1m and $4.99m than any
other range in the year but they
only accounted for 8.5% of the
amount raised.
11. African Startup Funding 2022
NG
CM
GH
CI
ML
DZ
MA
TN
SN
SL
TG
EG
SD
ET
CD
CG
NA
ZM
ZW
ZA
TZ
KE
UG
SC
MU
MG
$959.3m
$0.5m
$150m $775.3m
$6.5m
$3.5m
$30m
$18.2m
$12.1m
$445.1m
$50.2m
$969.3m
$81.7m
$111.7m
$9.6m
$158.2m
$5m
$10m
$11.2m
$7.5m
$41.1m
$99.9m
$200.4m
$23m
$0.6m
$2m
Distribution by investment value
Kenya, Nigeria, South Africa, and Egypt
remain the top destination for startup
funding on the continent, accounting
for $3m in every $4m. No other country
had up to 5% of the amount raised.
12. African Startup Funding 2022
Top funding rounds
Sun King
Flutterwave
KuCoin
Yassir
MNT-Halan
Wasoko
InstaDeep
MFS Africa
Wave
Clickatell
Energy
Financial Services
Financial Services
Mobility & Logistics
Financial Services
Marketplaces
Artificial Intelligence
Financial Services
Financial Services
Marketplaces
Series D
Series D
Series B
Series B
Debt
Series B
Series B
Series C
Debt
Series C
$260m
$250m
$150m
$150m
$150m
$125m
$100m
$100m
$92m
$91m
Company Industry Round Amount