• Friday, July 19, 2024
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Top 16 African startups that raised funding in five months

Nigeria retains spot as Lagos climbs 12 places on global startup index

African startups have raised $729 million in funding in the first months of 2024. according to data from Africa; The Big Deal.

The data insight firm disclosed that this pales compared to the $1.7 billion announced in the same period of 2023 and $2.7 billion in 2022, highlighting the difficult funding climate for startups. So far, African startups raised $77 million in January, $217 million in February, $172 million in March, $75 million in April, and $187 million in May.

Additionally, the largest share of funding in 2024 has gone to climate-related ventures, which attracted 44 percent of all rounds, an increase from 19 percent in Jan-May 2021, 23 percent in 2022, and 32 percent in 2023.

Here are the top 16 fundraisers:

Moove – $100 million

In February, Moove, the Nigerian mobility startup founded by Ladi Delano and Jide Odunsi, raised a $100 million Series B investment from Uber and other existing investors, including Mubadala. The company plans to expand its customer-focused, revenue-based vehicle financing offering to 16 markets worldwide by the end of 2025.

M-Kopa – $51 million

M-KOPA, a fintech platform that connects underbanked customers to financing and digital financial services in Kenya and four other African markets, secured a $51 million loan from the U.S. International Development Finance Corporation (DFC) in May. The Kenya-based company was founded in 2011 by Jesse Moore, Nick Hughes, and Chad Larson.

Spiro – $50 million

In May, Spiro, an India-based electric vehicle company, got a $50 million debt financing deal from Afreximbank to drive sustainable transportation initiatives in Africa and promote the adoption of electric vehicles across the continent.

SunCulture – $27.5 million

In April 2024, SunCulture, a Kenyan climate tech company that provides agricultural technology and solar-powered irrigation systems to smallholder farmers, secured $27.5 million in a Series B funding round.

The funding round was oversubscribed and included a mix of equity, debt, grants, and carbon financing. Investors included Reed Hastings and InfraCo Africa Limited.

Roam – $24 million

Kenyan-based electric mobility pioneer Roam secured $24 million in February to revolutionise transportation in Africa.

Pula – $20 million

Kenyan agricultural insurance and technology company Pula closed a $20 million Series B funding round in April to help thousands of smallholder farmers in emerging markets access insurance against floods, droughts, and other climate-related events.

Launched in 2015 by Rose Goslinga and Thomas Njeru, Pula designs and delivers innovative agricultural insurance and digital products to help smallholder farmers endure climate risks, improve their farming practices, and bolster their incomes over time.

Valu – $18.7 million

Valu, a provider of buy-now, pay-later (BNPL) lifestyle-enabling fintech platform, raised $18.7 million in debt financing in March.

Planet42 –$16 million

Planet42, a South Africa-based car subscription company, raised $16 million in debt and equity funding from Standard Bank, marking a strategic move to local-currency funding and expanding its vehicle financing solutions. Founded in 2017 by Eerik Oja and Marten Orgna, Planet42 uses data and algorithms to assess credit risk and offer customers flexible car rental or purchase options.

OneOrder – $16 million

OneOrder, an Egypt-based supply chain and logistics solutions provider for restaurants secured $16 million in a Series A funding round in May, including equity and debt financing. The startup was funded by Tamer Amer in 2022.

Watu Credit – $15 million

Headquartered in Nairobi, Watu Credit is an Asset FinTech company operating in seven African countries. Established in 2019, the company specialises in providing loans for mobility and connectivity assets, such as smartphones, two and three-wheelers, electric motorbikes, and cars. Watu Credit raised $15 million from Gateway Partners in February through their Africa Credit Opportunities Fund.

Simera Sense – $15m

Belgian camera maker Simera Sense raised $15 million to expand its system assembly facilities out of South Africa and closer to its component producers in Europe to develop higher resolution cubesat products. Johann du Toit founded the company in 2018.

Tomatoes Jos – $12.2 million

Tomato Jos, a Nigerian-based startup that focuses on empowering farmers through education, logistics, and access to markets, raised $12.2 million in a venture round in March.

Burn – $12 million

On March 28, 2024, Burn Manufacturing announced a $12 million investment from Key Carbon Ltd. to expand clean cooking across Africa. The investment is backed by Cartesian, a global private equity firm that invests in innovative projects, including those focused on decarbonization and climate mitigation. Burn was founded by Peter Scott in 2011.

Hewatele – $11.1 million

Hewatele, a Kenya-based startup founded by Bernard Olayo in 2023 that produces and delivers medical oxygen to patients across Kenya and East Africa, secured $11.1 million in debt funding in February.

Float – $10.5 million

Float, a South African buy now pay later startup, secured $10.5 million in debt funding in March.

Yodawy –$10 million

Yodawy, an Egyptian digital healthcare startup founded in 2018, raised $10 million in funding in January. It enables its partners—insurance companies, medical providers, pharmacies, and pharmaceutical/FMCG companies—to service a wider audience and offer an exemplary customer journey to patients anywhere in Egypt.