It took African startups an average of five years to hit unicorn status

Moniepoint achieved unicorn status after nine years of operation.

Here is how long it took other African startups to reach the milestone.

Source:
Crumchbase, Techpoint Africa
Period:
2024
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Only once have Nigerian fintech startups raised more than $1 billion in a single year
In the past five years, Nigerian Fintech startups have received the most funding in the startup space, with over $1.01b raised in 2021, the highest in 14 years. Funding for the sector has since reduced following the raise in 2021.

Debt financing accounts for 42% of Moove Africa's disclosed funding as of March 19, 2024
Moove Africa's total disclosed funding as of March 19, 2024, comprises 41.6% debt financing, 22.5% Series B, 19.8% Series A, 14.9% private equity, and 1.2% Seed round.

Moove Africa has disclosed funding at least twice every year since 2021
In its second funding disclosure in 2024, Moove Africa has raised $100 million in a Series B round. The startup has disclosed funding at least twice yearly since 2021 and six times in 2022. The total disclosed funding now totals $444M.

Startups with at least one female co-founder accounted for 20.1% of the total $1.8b raised by Millionaire West African Startups
Of the total amount raised by Millionaire West African Startups (MWAS) between 2010 and 2019, startups with all male founders raised $1.4b, accounting for 79.9% and MWAS with at least a female co-founder on the team accounted for 20.1% of the total amount raised.

Fintech accounted for 7 in every 10 million dollars raised in Q1 2023 by African startups
African startups raised $831 million in Q1 2023, about half of what was raised in the same quarter of the previous year. Financial Services startups accounted for 70% of the total amount raised in the quarter.

In Q1 2023, African startups raised half of what was raised in Q1 2022
African startups raised $831 million in Q1 2023, about half of what was raised in the same quarter of the previous year.

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