Africa’s tech startups looked promising when they collectively raised over $475M in January. By February, $630M was added to bring the total sum raised by African startups to $1,109,590,000. At the end of March, the space seems to be very uninterested in slowing down after recording another increase by raising $639,307,000. So far, in 2022, $1,748,897,000 has been submitted by African startups.
African tech startups have raised almost half of what they achieved in a record-breaking 2021, and they managed to do it in just three months. By attracting local and foreign investors plus accelerators, African tech startups unleash innovation that drives job creation and economic opportunities.
Premising another record-breaking year becomes very realistic with every passing month. With the bar raised higher every month, one can only assume that these startups are doing all required for growth.
Notably, The Big Four – Nigeria, Egypt, South Africa, and Kenya still dominate. Nigerian and South African Fintechs, Egyptian E-commerce startups, and Kenyan Agritech startups stamp their authority in Africa’s tech space. Amazingly, Egyptian startups have secured more rounds and show the advantages of favorable tech policies.
It’s a new month; we are ecstatic about the next big thing in Africa’s tech space, even as we expect another record funding year. 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.