Funding for African Startups in Q1 2022: The breakdown

April 20, 2022

African startups raised over $4 billion in 2021, a massive leap, considering the $1.806 billion raised within ten years by West African startups that met specific criteria.

African startups disclosed $1.598 billion — over 30% of 2021’s figure — in funding deals in Q1 2022.

Egypt, Kenya, Nigeria, and South Africa are Africa’s biggest startup hubs. Interestingly, they had the largest share of startups’ Q1 2022 figures, with Nigerian startups accounting for 35%, followed by Kenya (26.9%), Egypt (10.5%), and South Africa (9.4%).

Three of the disclosed deals in Q1 2022 were in nine digits, with 31 in eight digits; undisclosed deals in the quarter were in double digits. Players in the Financial Services space accounted for almost half of the amount raised, followed by Marketplace startups. 

Here’s a breakdown of the amount African startups raised in Q1 2022. 

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Yinka Awosanya
Mobile & African Tech Enthusiast │ Data │ Music
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