African startups raised $182 million in August 2022

September 8, 2022


Yinka here; I trust you are keeping safe.

After a series of postponements on barring SIMs that have not been linked to the National Identity Number (NIN) database in Nigeria, the Nigerian Communications Commission (NCC) finally gave the directive to bar all unlinked SIMs by April 4, 2022.

In its second-quarter report for 2022, Airtel Africa reported that “a total of 13.6 million customers were initially barred, out of which 5.3 million (39%) have subsequently submitted their NIN and 2.3 million (17%) have subsequently been verified and unbarred.”

Also, the revenue of subscribers who were barred accounted for around 7% of Airtel Africa’s total revenue from the country and about 3% of total revenue from all its markets on the continent. Nevertheless, Airtel Africa’s Nigeria operations still recorded an increase in revenue for voice, data, mobile money, and others. 

Similarly, MTN Nigeria’s recorded a quarter-on-quarter increase in revenue for Q2 2022. The directive affected 19 million of the company's subscribers, 2.6 million of which have been reactivated.

Like Airtel, MTN Nigeria also attributed up to 7% of its revenue to the affected subscribers. “The voice revenue generated in 2021, I emphasise 2021, by the subscribers who are yet to be reactivated as of the 30th of June, amounted to approximately 7% of the total service revenue versus 9% as of 31st of March 2022.”

On an unrelated note, Intelligence is currently working on healthcare access in Nigeria and would appreciate it if you would take three to five minutes to fill out this questionnaire.

In this edition: 

  • African startups raised $193 million in August 2022
  • Insights from social media
  • Intelligence project updates

African startups raised $182 million in August 2022

Twenty-six African startups raised a combined $182 million in August 2022, just 1.43% less than the amount in July 2022. Financial Services startups accounted for 52% of the amount raised in the month, followed by Media and Marketplaces, with 18.4% and 9.3%, respectively.

TeamApt’s $50 million Series C round accounted for over a quarter of the amount raised.

  • Total announced deals in July 2022 – $182.13 million
    • Financial Services received $95.25 million, 52.3% of the amount raised
    • Nigeria had the largest share with $81.8 million
    • Other top African countries
      • Egyptian startups raised $44.9 million
      • Kenya startups raised $25.4 million
  • 28 disclosed funding deals
    • 15 seed rounds
    • 4 pre-seed rounds
  • Top deals of the month
    • TeamApt’s $50 million Series C
    • ArabyEds’s $30 million Series B
    • iProcure’s $10.2 million Series B
    • DataProphet’s $10 million Series A

Other African updates



From our social media

Intelligence updates

  • As pointed out a few editions ago, we are making changes to our newsletter, which you will notice when it hits your inbox in the coming weeks.
  • The Intelligence by Techpoint website is still being revamped, and you can help by replying to this email with a feature you would like us to include.
  • The State of Insurance in Nigeria: So far, we have gotten input from 27 insurance companies which serves as a green light on the project.
  • Felix, our in-house graphic designer, is currently working on the mini-report about Africa’s blockchain space, which will be released as soon as possible.

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Do have a nice day.


Yinka Awosanya
Mobile & African Tech Enthusiast │ Data │ Music
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