JULY 04, 2022

3 min Read

Investor Updates: July 4 2022

African startups cross $3bn VC funding mark for the year

Moove secures $20m debt funding from British International Investment
Image from The Big Deal


  • In June, African startups from 14 different countries securued a total of $439 million in venture capital investments across 66 fully disclosed deals, per data from Africa: The Big Deal, a newsletter that tracks venture capital investments in Africa. 
  • This marks a meagre 0.45% increase from the previous month, when $437.1 million was raised while the number of deals rose by 26% from 49 transactions recorded in May.
  • In addition, Africa recorded a 123% YoY growth in venture funding in Q2 2022 having raised $1.3 billion from April to June, compared to $582m in Q2 2021.

Source: The Big Deal

Our Takeaway

The minimal increase in venture capital poured into Africa when comparing May and June suggests the ongoing global VC slowdown may be spreading to the continent. But there’s enough reason to be bullish on Africa’s venture funding prospects going forward. If this trend of funding activity is maintained, however, the continent’s tech ecosystem could end the year with around $7 billion, or more, in venture capital raised.

Nigeria-led West Africa is the most vibrant VC region in Africa

Image from Quartz Africa, The Big Deal


  • Startup tracker, Africa: The Big Deal’s figures show that since 2019, West African startups have hauled in $4.2 billion, representing 41% of the total funds logged in Africa in that period.
  • “Startups in the region have attracted more funding than in northern and eastern Africa combined during the period,” it said.
  • This is in part thanks to Nigeria which gobbled up over 86% of the funds raised in west Africa, during the period, making the populous nation the continent’s most vibrant VC market.That’s 6 out of every 7 dollars raised in West Africa.

Source: Quartz Africa, The Big Deal

Our Takeaway

Nigeria is not alone as a startup investment destination in West Africa however, with Ghana and Senegal the two other up-and-coming startup ecosystems in the region. Senegal is also welcoming sizeable startup investments, posting $243 million since 2019, bolstered by Wave’s $200 million Series A in September 2021. According to The Deal, that haul remains the only 9-digit deal in the region so far outside of Nigeria, which recorded 11 of those since 2019.

Bboxx partners with Orange to offer clean energy in DRC

BBOXX Builds Affordable Solar Energy Tech for Developing Countries –  TechAcute
Image from ITNews Africa


  • Bboxx, a pan-African platform providing access to essential products and services, and Orange Telecom have partnered to launch a new mini-grid project in the Democratic Republic of Congo.
  • Less than 10% of the population in the DRC has access to electricity currently, making it the country with the largest number of people without access in Africa after Nigeria.
  • The project is to help accelerate the provision of clean energy access for households across the DRC using an Anchor Business Community (ABC) model and will be executed together with GoShop.

Source: ITNewsAfrica

Our Takeaway

Around 600 million are without access to electricity and as African economies grow, the demand for energy increases as well. This trend comes with its challenges of rising energy costs, climate change, and energy depletion, however, many stakeholders believe renewable energy can help Africa counter these challenges. Efforts from companies like Bboxx are thus crucial. Prior to its deal with Orange, the London-headquartered cleantech startup recently acquired Ghanaian-based PEG Africa in a deal worth $200 million.

African Startups
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pan african
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VC funding
West Africa

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Rest of Today's Updates

SEPTEMBER 19, 2022

3 min Read

Investor Updates: September 19 2022