Startups in Nigeria and other African countries raised $4.85bn in 2022 according to data from Africa: The Big Deal.
The database and insights firm which focuses on startup funding above $100,000 in Africa explained that this could still cross the $5bn after delayed funding announcements from investors are made. It stated that 1,000+ deals of $100k or more had been announced in 2022, an 11 per cent year-on-year increase from 2021.
It said 75 per cent of the total fund raised were in the big four countries, Nigeria ($1.2bn), Kenya ($1.1bn), Egypt ($820m), and South Africa ($550m). Fintechs dominated the funding conversation with 37 per cent of deals in the year.
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