June 13, 2024
12 African startups

African startups have been raising larger funding rounds than ever before, as investors turn their attention to the new continent full of promising opportunities and untapped markets. This 12-part series will highlight the 12 biggest funding rounds announced in Africa in 2018 so far, showcasing some of the most innovative companies on the continent and giving you an inside look at how they’re using these funds to scale their operations. So without further ado, here are 12 African startups that have announced the largest funding rounds so far in 2022!

12 African startups

In the last four years, many African startups have raised impressive amounts of funding, with some reaching as high as $100 million in investments. These are the 12 startups that have announced the largest funding rounds so far in 2022. We’ve been waiting with bated breath to see which African startups are going to announce the largest funding rounds this year and it seems like the wait is finally over. The following 12 startups have announced the biggest rounds in Africa so far in 2022, which we believe will make an impact in their respective industries for years to come.

About Africa Startups

By now, you’ve probably heard about Kenyan-born tech startup founders like Patrick Collison and John Kunle. This new wave of Africa-born entrepreneurs is bringing capital back to Africa, but what about all of those millions of other people who are working on their own innovative products? Here are 12 African startups that have announced a large funding round (over $1 million) between Jan. These 12 companies represent different industries ranging from agriculture to aerospace. Each company has created a unique way to solve one of Africa’s most pressing problems by using technology as a platform for innovation.

Each company tackles a different problem facing Africa. The tusk is an all-female dating network and job board, specifically targeted toward young, career-oriented black women. The startup was founded by American Harvard graduate Kristina Bui who also has Ugandan roots. Not only does she see herself as a female founder creating something for other females but also believes that there aren’t many role models for young black women who are just beginning their careers.

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12 African startups that have announced the most significant funding rounds so far

Already, was a significant drop in the amount raised by African startups over the past few months, especially compared to how much was raised during the first two months of the year. For context, African startups could barely raise $300 million in equity funding between April and May 2022. Whereas in Q1 2022 they raised about $1.8 billion, according to data tracked by Business Insider Africa.

This notwithstanding, there are good reasons to be optimistic. The main reason is that African startup funding grew by 150% in Q1 2022, outperforming other regions of the world. And even though the performance in Q2 hasn’t exactly been encouraging, there is a strong possibility of a rebound before the end of June and going forward.

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As always, many of them are concentrated in Nigeria, Kenya, South Africa, and Egypt. See below.

1. Flutterwave:

In February this year, Flutterwave announced a $250 million Series D funding round that was led by B Capital Group, as well as participation from Alta Park Capital, Whale Rock Capital, Lux Capital, and others. So far this year, the Nigerian fintech giant remains the only player in the ecosystem that has raised over $200 million in a single round.

2. Wasoko:

In March, this Kenyan e-commerce player announced that it had secured $125 million in a Series A2 funding round that was led by Tiger Global and Avenir Growth Capital. It also rebranded from Sokowatch to Wasoko.

3. InstaDeep:

This Tunisian artificial intelligence startup announced in January that it had raised $100 million in a Series B funding round, led by Alpha Intelligence Capital and CDIB Capital.

4. Instabug:

In May, this Egyptian anti-malware startup raised $46 million in a Series C round that was led by Insight Partners.

5. Apollo Agriculture:

Also in March, this Kenyan Agritech startup raised $40 million in a Series B funding round that was led by Softbank.

6. Reliance Health:

Back in February, this healthtech startup raised $40 million in Series A, led by General Atlantic, with participation from Partech, Arvantis Social Foundation, and others.

7. Copia Global:

This Kenyan e-commerce startup announced that it had raised $50 million in a Series C round that was led by Godwell Investors, alongside Zebu Investment Partners and the U.S. International Development Finance Corporation.

8. VALR:

This African crypto exchange raised $50 million in Series B in March, led by Pantera Capital, Alameda Research, Cadenza, and others.

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9. Clickatell:

This Africa-focused chat commerce startup announced in February that it sealed a $91 million Series C funding round that was led by Arrowroot Capital, with participation from Kennedy Lewis Investment Management and Endeavor Global, and Harvest.

10. M-KOPA:

In March this year, this asset-financier secured $75 million in growth equity from Generation Investment Management and Broadscale Group. Previous investors, including CDC Group and Light rock, also participated.

11. Moove:

In March, this mobility fintech company announced that it had raised $65 million in Series A equity funding and another $40 million in debt funding; thus bringing the total to $105 million. The equity round was led by Speedinvest, Left Lane Capital, and The Latest Ventures.

12. Market Force:

Lastly, we have Market Force which also raised $40 million in Series A in February. Led by V8 Capital Partners, with participation from Ten13 VC, SOSV Select Fund, Vu Ventures, and Vastly Valuable Ventures.

In Conclusion

We’ve highlighted 12 of Africa’s most promising startups, looking to raise hundreds of millions through Series B or Series C. Most of these companies are e-commerce businesses; however, there are a few other industries represented as well. From logistics to transportation, and even peer-to-peer lending and drone tech—there is no shortage of innovation taking place on our continent. These 12 businesses represent only a small percentage of exciting and ambitious companies working hard to make their mark on Africa and beyond.

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Whether it’s drone tech, peer-to-peer lending, or internet security; these are just a few of countless ventures attempting to make their mark on Africa. These 12 businesses represent only a small percentage of exciting and ambitious companies working hard to make their mark on Africa and beyond. I want you to realize how much potential our continent has for innovation, success, and for many more home-grown successes like these.

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