African startups raised over USD 300 million across 25 deals, up from previous months. North Africa received the lion’s share of investment.
African startups raised USD 309.87 million in funding this November across 25 deals. This is compared to 26 deals in October which raised USD 136.87 million, 33 deals raising USD 174.68 million in September and 34 deals accounting for USD 183 million, according to Techbuild Africa.
North Africa accounted for 10 deals, 2 came from Southern African, 7 from East Africa and 6 from West Africa.
As with the MENA region, fintech continues to dominate.
African startups: Regional breakdown
West African startups raised USD 34 million in November.
Nigeria’s Cutstruct, a digital construction marketplace raised USD 600,000, Afya Care, a healthcare startup, raised USD 6 million, Orda, an F&B software solution, raised USD 3.4 million, and Pivo, a platform that helps finance supply chains, raised USD 2 million.
North Africa raised USD 193.5 million, with 5 out of the 10 hailing from Egypt.
Algerian startup Yassir’s raise was the largest of the month, accounting for USD 150 million.
The Egyptian deals included financial inclusion startup Blnk’s raising of USD 32 million, Brotinni, a meat delivery startup’s raise of USD 600,000, Grinta, a pharmacist’s marketplace, raising of USD 8 million, Conix.ai’s raise of USD 1.3 million and Hoods’, a visual, creative sales startup, raise of an undisclosed amount.
Other deals included Smartprof, an online mentoring system (USD 110,000), and Wafr, (USD 120,000) from Morocco along with Tunisia’s agritech BeeKeeper (USD 600,000) and ISI Digital, a finance software startup (USD 809,000).
November saw two deals from South Africa.
Funding in East Africa rose dramatically compared to the previous month, with seven startups raising USD 75.6 million, compared to four deals raising USD 8.1 million in October.
Five out of seven startups were Kenyan and accounted for 57.7% of the regional total, with Solarise Africa, a renewable energy startup, securing USD 33.4 million, the highest in the region.
Other East African deals include supply chain and logistics company Leta raising USD 3 million) Kenyan agritech Stable Food’s raising of USD 600,000), and BasiGo’s, a producer of electric buses, raise of USD 6.6 million. By way of comparison to Africa’s November numbers, MENA region startups, which include North African startups, raised USD 646 million in October.