African start-ups raised a record US$5.3 billion last year.

The investment exceeded the previous year by US$100 000, and the overall number of deals grew by 20% to 964. More than a third of the funding was injected into fintechs, according to Moneyweb.

Investment has been concentrated mostly in Egypt, Nigeria, Kenya and South Africa, with global funds such as Sequoia Capital and Tiger Global leading the largest investments in African start-ups over the past few years.

William Sonneborn, the International Finance Corporation’s global director of disruptive technology and funds, says the trend to invest in fintech is shifting. ‘Health-tech, climate and farming technology will attract funds this year.’

24 January 2023
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