African Startups See $11.6M Infusion, with Major Funds on the Horizon
Last week witnessed significant funding activity across the African startup landscape, with a total of at least $11.6 million raised by various ventures. Additionally, two major venture funds were announced, further boosting the investment prospects for African startups.
Funding Breakdown
1. Total Funding Raised
At least $11.6 million raised, This includes $8 million seed funding for Hohm Energy (South Africa), $3 million for Arnergy (Nigeria), $0.12 million for multiple startups funded by TechStars accelerator, and NGN 270K for Mamamoni (Nigeria).
2. Country-wise Funding Distribution
- Nigeria: At least $3.12 million (Arnergy’s $3 million and Mamamoni’s NGN 270K funding)
- South Africa: $8 million (Hohm Energy’s seed funding)
- Zimbabwe: Undisclosed amount (Ocular AI’s funding from Y Combinator)
3. Sector-wise Funding Distribution
- Solar Marketplace: $8 million (Hohm Energy)
- AI: Undisclosed amount (Ocular AI)
- Fintech: At least NGN 270K (Mamamoni)
- Cleantech: $3 million (Arnergy)
4. Funding Types
- Seed Funding: $8 million (Hohm Energy)
- Accelerator Funding: $0.12 million (multiple startups funded by TechStars)
- Fundraise: NGN 270K (Mamamoni)
5. Number of Startups Funded
At least 15 startups received funding or investments including the multiple startups funded by TechStars.
6. Investor Distribution
- Venture Capital Firms: Futuregrowth, Proparco, EBRD, SAVCA, BPO.
- Development Finance Institutions: Hivos, Norfund, Dutch Entrepreneurial Development Bank
- Corporates: Keppel Corporation, Ingka Group
- Accelerators: TechStars, Y Combinator
Announced Venture Investments for African Startups
In addition to the funding raised, this week also witnessed the announcement of two significant venture funds dedicated to investing in African startups:
1. Partech Africa II Fund: $300 million fund launched by Partech Partners to invest in promising African startups across various sectors.
2. Sawari Egypt Fund: $150 million fund unveiled by Sawari, a renowned venture capital firm, to invest in Egyptian startups.
These venture fund announcements highlight the growing interest and confidence of investors in the African startup ecosystem, promising to provide much-needed capital and support for startups across the continent.
Last week’s funding activity and the announced venture investments showcase the evolving entrepreneurial landscape in Africa, attracting capital from diverse sources and fostering innovation across sectors such as solar energy, AI, fintech, and cleantech.