Nigeria gets 27 out of 100
Staff, 2022-11-04 07:29:19,
No fewer than 27 Nigerian startups are among the Most Funded African startups, according to a list curated by Digest Africa, a data and intelligence company based in Uganda.
According to the report, the 100 most funded African startups have raised $10 billion across 436 deals, representing an average of $23 million per deal, a relatively low figure compared with California-based e-cigarette company JUUL Labs has raised $15 billion alone in disclosed funding.
Recall we recently reported that venture funding in Africa surprisingly dropped by 54% in the third quarter of the year, per data from CB Insights.
A total of 13 African countries are represented on the list, with Nigeria leading the pack with 27 startups, followed closely by Kenya with 23. The other two members of the Big 4 — South Africa and Egypt — are represented by 19 and 15 startups, respectively, which means the big 4 accounts for 84% of the 100 startups.
Trailing behind is Ghana, with five startups, followed by Uganda and Tunisia, with three and two startups, respectively. The remaining countries — Algeria, Congo, Malawi, Tanzania, Senegal and Mauritius — can boast of just one startup each.
Related post: Here are the top 10 startups in Nigeria for 2022, according to LinkedIn.
Sectoral breakdown
On a sector basis, 36 of the most funded African startups were fintech companies, which is more than twice the next sector, energy and environment resources.
In total, 14…
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