A recent report by Weetracker has revealed two Kenyan based startups, Twiga Foods and Bitpesa are among the top 10 startups that received the most funding in Africa in 2017.
Twiga Foods, which operates a mobile-based business to business food supply platform was ranked second having raised more than $10.3 Million in Series A led by Wamda Capital and includes Omidyar Network, DOB Equity, Uqalo, 1776, Blue Haven Initiative, Alpha Mundi, AHL, USAID and GSMA. Twiga’s funding was slightly below Ghana’s Cleantech, which secured the first spot having raised $13.5 Million.
Bitpesa, a blockchain payments company with headquarters in Nairobi was ranked number eight having raised $2.5 Million Series A round from US-based Draper VC and then a follow up round of US $2 Million led by Greycroft Partners. Launched in Kenya in 2013, Bitpesa operates in Nigeria, Tanzania, Uganda, the DRC, the UK and Senegal. The company accepts bitcoin payments and then exchanges the coins into more than 30 local currencies, which it then deposits into bank accounts or mobile money wallets.
The research reviewed disclosed investments across Africa’s top 201 funded startups, ranked by total disclosed funding in 2017. The top 10 startups that were featured raised $167.7 Million, which is nearly 36% of the total funding raised by the 201 startups.
From the report, it is evident that Series A has become the popular stage of investment for the continent’s investors.
Funding raised by African Startups in 2016 (USD Millions)
1. Nigeria = 109.4M
2. S.A = 96.8M
3. Kenya = 93M
4. Rwanda = 16M
5. Cote D'Ivoire = 13M
6 Tanzania = 12.9M
7 Egypt = 9.2M
8 Ghana = 8.7M
9 Senegal = 6.5M
10. Morocco = 0.98M
11 Tunisia = 0.8M
12 Uganda = 0.27M pic.twitter.com/wv2xm5bOd6
— Kenyanwallstreet (@kenyanwalstreet) January 25, 2018