African tech startups raised more than $1 billion in the first two months of 2022, more than half the amount raised in the entirety of 2021.
As of 1st March 2022, 110 startups have raised $1,123,556,000, a figure that is already more than half (52.3%) last year’s total (more than $2 billion).
This skyrocketing investment is being driven by Nigeria, Kenya and South Africa for now.
As in 2021, Nigeria is the leader, with 33 startups having banked a combined $364,598,000 (32.5% of the total). 20 Kenyan startups have raised $223,450,000 (19.9% of the total), and 16 South African startups have secured $219,930,000 (19.6% of the total).
For now Egypt, second last year for total investment, is having a relatively slow 2022 compared to the other major ecosystems, with 21 startups having raised a total of $102,220,000 (9.1% of the total) this year so far.
Fintech is still the main driver of investment on the continent, with 34 fintech startups having raised a total of $434,296,000 in 2022 so far, a 38.7% of the overall tally.
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