African startups raise almost $4B in 2021
Africa's startup ecosystem raised almost $4 billion in 2021 with the "big four" countries of Nigeria, South Africa, Egypt and Kenya taking the lion's share.
That's according to new data from Africa startups deals database Africa: The Big Deal which has broken down the total funding raised by startups in Africa for deals worth $100K or more.
The big four countries accounted for 80% of the total raised on the continent up until the end of November, with 35% of capital raised in Nigeria alone.
Nigerian startups raised $1.37 billion in 2021; followed by $838 million in South Africa; $588 million in Egypt; and $375 million in Kenya. Nigeria boasts over 200 deals for the year and the other three over 100 deals each.
One of the biggest success stories was Chipper Cash, which raised a total of $250 million this year. The authors Max Cuvellier and Maxime Bayen decided not to pin the raise to Ghana, saying the startup's Ghanaian and Ugandan co-founders and its African HQs split between Ghana and Kenya "make it quite pan-African".
Without Chipper Cash, Ghana raised $48 million in 2021; Algeria $30 million; Morocco $29 million; Tunisia $23 million; Uganda $18 million; Rwanda $16 million; Democratic Republic of Congo $12 million and Cameroon $11 million.
- Four countries take lion's share of Africa's startup funding
- The state of funding for Africa's tech startups
- Chipper Cash launches in SA
*Top image source: Business photo created by DCStudio - www.freepik.com.
— Paula Gilbert, Editor, Connecting Africa