Discover more from Africa: The Big Deal
Mapping the money 🗺️
89% of the funding raised in H1 went to the Top5 markets, with South Africa and Nigeria leading the pack
The tech ecosystem in Africa has had a pretty phenomenal first half of the year with ~$1.2bn+ raised through deals $100k and over. Let’s have a look at where all this money was invested:
South Africa and Nigeria are in a league of their own, and together attracted more than half of all the funding raised on the continent (28% & 27% respectively, $300m+ each).
Kenya, Egypt and Ghana complete the Top5 (13%, 11% & 10% respectively). Though with a much smaller number of deals (18) compared to the other four markets (where the number of deal ranges from 49 to 64), Ghana’s overall performance - mostly driven by Chipper Cash’s $100m Series C - is on par with some of the ‘Big Four’ (or should we say ‘Big Five’?)
The rest of the funding (just over 10%) went to deals spread across 19 markets
Tunisia, Morocco and the DRC with more than $10m each
Uganda, Senegal, Cameroon, Tanzania, Ethiopia, Rwanda, Benin, Cote d’Ivoire, Mali and Sierra Leone, with at least one $1m+ deal each
Madagascar, Botswana, Zimbabwe, Togo, Burkina Faso, and Zambia, with all deals below the $1m mark
And there is definitely more to come… Nearly $150m (!) have already been raised by start-ups in Africa in the first 10 days of H2, most of which went to Nigeria ($100m+ inc. $42m to FairMoney) and Egypt ($42m+ inc. $40m to MaxAB), which are now overtaken South Africa and Kenya respectively. In short: Watch this space!
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