Start-ups in Africa disclosed that they attracted a total of $68.9 million in funding from investors in October 2021.
According to a report by Techpoint Intelligence, Nigeria topped the destination of most of the investments as start-ups received a total of $42.5 million in 11 different rounds.
The report stated that Nigeria was responsible for 61.3 percent of the amount raised on the continent, adding that the beneficiaries of these investments operate in the financial services sector and marketplace.
Start-ups in Egypt got the next highest funding in four rounds totaling $7.8 million in startups operating as marketplaces, in the financial services and logistics sectors.
Start-ups in Morocco and Sudan received $5 million in funding each in a single round while two start-ups operating in healthcare and financial services located in South Africa got a total of $3.5 million from investors.
The report stated that one start-up in Zambia received $3 million in funding and another in Cameroon got $2.35 million from investors.
According to the report, Autochek and Mono’s combined funding round of $28.1 million accounted for 40 percent of the total amount of investment in African start-ups in October.
TechPoint Intelligence, however, said there were a couple of undisclosed rounds in the previous month and seven seed rounds.
It added Sudan got its first “announced” foreign investment in decades.
African start-ups in operating marketplaces received the highest funding of $31.6 million, followed by $30.8 million in the financial services businesses.
