Do you remember? 🎶🎶 September
Start-ups in Africa announced $138 million in funding last month
Before you scroll down to read about the September numbers, we encourage you to check out last week’s post on the underrepresentation of female CEOs in the most-funded start-ups in Africa, or rather a celebration of the very few of them. Why? Because it’s been our most-read post ever in its first week, and because we since added Carrol Chang who started as Andela CEO on the 17th…
So, September…. As the subtitle of the post reads: start-ups in Africa have announced a total of $138 millions’ worth of $100k+ deals last month, if we include equity (89%), debt (9%) and grants (2%). It is slightly below the average raised monthly in the previous 12 months ($159m/month).
A total of 61 start-ups announced some level of fundraising ($100k+, excluding exits), which is significantly higher in this case than the average number of ventures who raised every month in the previous 12 months (42/month). They were located in twelve different countries with 90% of the amount raised going to the Big Four (Egypt, South Africa, Nigeria & Kenya) plus Ghana. The other countries represented were Morocco, Algeria, Tunisia, Côte d’Ivoire, Tanzania, Uganda and Rwanda.
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Three start-ups announced more than $20m in funding during the month: Egypt-born and Abu Dhabi-based fintech FlapKap raised a $34m pre-Series A, a mix of debt and equity. Another Egyptian fintech, Paymob, celebrated a $22m extension to its Series B, and announced it is now profitable in its home country. Closing the top 3 is another fintech, in Ghana this time: Fido, who topped the $10m in debt announced in August with $20m in Series B equity funding in September.
Finally, there were two exits made public last month, the largest one being the acquisition of South African AI financial reporting platform Syft by global accounting software giant Xero for $70m. Nigerian fintech Risevest also acquired Hisa in Kenya as a way to enter the market.
That’s it for today! As you can imagine, we’re already busy compiling the numbers for Q3, which we’ll start sharing in the coming days. In the meanwhile, if you need access to the full dataset (~3.5k deals worth $18bn+ in total), you can benefit from a little discount by using this link. And just in case you’re not already humming it, this might help put you in a good mood to start your day. A bientôt, Max
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