The first time the sector has broken the US$1 billion mark – and with four-and-a-half months of the year still to come. Up to and including August 11, 2021, a total of 303 African tech startups have raised a combined US$1,184,220,000, up 69 per cent on the US$701,460,565 banked over the entirety of 2020. This is according to figures being compiled by Disrupt Africa in advance of the release of its flagship funding tracker in January 2022. The report, which was the first of its kind upon its inaugural publication in 2016 and is now preparing for its seventh edition, tracks investment into the continent’s startup space, and highlights growth in funding for African tech ventures. The African Tech Startups Funding Report 2020 was for the first time open-sourced and made available to all. The next edition of the report will detail a 2021 in which records have been smashed with only barely half the year gone. The 2020 funding figure was surpassed months ago, and the sector recently passed the US$1 billion investment mark for the first time. With 303 startups having raised so far, last year’s tally of 397 funded startups is also set to be comfortably beaten if things continue in the same manner for the rest of the year. Nigeria is leading the way, with rounds for the likes of Flutterwave, Kuda, TeamApt, FairMoney and Moove major contributors to the impressive funding total, but there have also been key rounds for the likes of MaxAB (Egypt), Trella (Egypt), Yoco (South Africa) and LifeQ (South Africa).
SOURCE: DISRUPT AFRICA