African Startups raise Over $630M in February to bring total funding in 2022 to $1,109,590,000

African Startups raise Over $630M in February to bring total funding in 2022 to $1,109,590,000

Africa’s tech space is unleashing innovation that drives job creation and economic opportunities. African startups are leveraging expansive access to finance and funding to build technological competitiveness.

Speaking of African startups’ record breaking 2021 is probably sounding like a broken record now. However, continuing with the current funding pace will see African tech startups raise the bar higher at the end of 2022. In 2021, African startups raked in over $4 Billion. It has only been 2 months gone in 2022 and African startups have now collectively raised about $1,109,590,000.

The Big Four – Nigeria, Egypt, South Africa, and Kenya – still dominate Africa’s funding scene. Flutterwave’s $250 million in Series D funding, valuing the company at over $3 billion is the standout funding performance in 2022. Also in February, mobility fintech company Moove secured a $10 million financing deal from NBK Capital Partners Mezzanine Fund II; Egyptian on-demand delivery startup, Yalla Fel Sekka (YFS), secured a $7 million Series A funding; Nigeria-based global web3 startup, Nestcoin, raised $6.45 million in pre-seed capital; Nigeria’s Reliance Health secured a $40M Series B funding round led by General Atlantic; Egyptian e-commerce startup, Wasla raised $9 million from Contact Financial Holding; South African API fintech startup, Stitch, closed a $21 million Series A funding round and Kenya-based retail B2B startup, Marketforce, raised $40 million in Series A funding.

Notably, Egyptian tech startups have shown they are capable of competing favourably with the likes of Nigeria, South Africa and kenya. Collectively, African tech startups are putting up amazing numbers in the first 2 months.

Africa must stimulate technological learning activities and activate policies that build local technological capabilities. Everything needed to build on current progress must be given. Administrators must ensure that policies are receptive to tech startups. It is logical to expect the records set in 2021 to be matched and hopefully eclipsed in 2022.

We’re starting a new month, we are ecstatic about what the next big thing to happen in Africa’s tech space. Here at The Ouut, we look forward to bringing you more information on what is going on in the African technology industry. You can subscribe to receive news the moment it drops by clicking here.