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Home Funding

Over $4 billion was raised by African tech startups in 2021

Tech Gist Africa by Tech Gist Africa
12/30/2021
in Funding, Report, Reviews, Startups, The Big 5
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African tech startups

African tech startups

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A record of over $4 billion has been raised by tech startups operating in Africa, massively increasing the $1.1 billion that was invested in the continent in 2020.

In addition to Jumia, Interswitch, Flutterwave, and Andela, Africa is now home to three more unicorns: Wave, OPay, and Chipper Cash.

Nigeria, South Africa, Egypt, and Kenya raised 80% of Africa’s total capital, with Nigeria alone accounting for 35% of that amount.

Senegal and Tanzania were two more markets that were active.

Despite Fintech’s dominance in overall investment, cleantech, which includes renewable energy and energy efficiency, is gaining ground, with healthcare, data and IT infrastructure, and agriculture following suit.

Nigerian – $1.37bn

South Africa – $838m

Egypt – $588m

Kenya – $375m

Senegal – $222m

Tanzania – $96m

Ghana – $48m

Algeria – $30m

Morocco – $29m

Tunisia – $23m

Uganda – $18m

Rwanda – $16m

DRC – $12m

Cameroon – $11m

Some of the most well-funded African tech startups in 2021 include the following:

Opay $400 million – (Pan African)

Wave $200 million – ( Senegal)

Andela $200 million (Pan African)

Go1 $200 million (South Africa)

Tymebank US$180million (South Africa)

Flutterwave $170 million (Nigeria)

Chipper Cash $150m – (Pan African)

Tala $145 million (Kenya)

JUMO $120 million (South Africa)

MNT-Halan US$120 million (Egypt)

TradeDepot $110 million (Nigeria)

MFS Africa $100 million (Pan African)

 

The startup sector in Africa is only expected to grow in the future, based on current trends. It is expected that in 2022 there will be more funding rounds to be completed.

 

Read more on Tech Gist Africa:

Meet the six African startups named Technology Pioneers of 2021 by the World Economic Forum

Top African startups to watch out for in 2021

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Tech Gist Africa is a new media and technology news platform that focuses on the untold stories of innovative ideas closely connected to technology news from Africa.

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