African tech firms raised $2.3 B in H1 of 2022, surpassing their entire financing from 2021

With a total investment of US $2.275 billion, African tech companies raised more money in the first half of 2022 than they did in the entire year 2021.

564 businesses raised a total of US $2,148,517,500 in 2021, a record for a calendar year, according to the seventh edition of Disrupt Africa’s annual African Tech Startups Funding Report, which was published in January.

However, that mark was already broken in the first half of 2022, when 303 companies earned the staggering US $2.275 billion, making 2022 the biggest year ever for ecosystem investment. It indicates that the industry is on track to raise 100% more money overall each year.

Nigeria is at the forefront, with 98 firms raising a total of US $691.8 million since January. Although that goal may easily be surpassed given the current rate of investment, this is still less than the US $903,680,000 raised by Nigerian businesses in 2021.

The aggregate amount of US $445.8 million in 2021 was followed by US $521 million raised by Egyptian entrepreneurs in 2022, placing Egypt in second place, as it did in 2021. Third-placed Kenya has received US $447.4 million from 45 businesses, more than US $150 million more than the US $292 million the nation brought in during 2021.

With US $263.6 million funded by 30 firms so far this year, South Africa is experiencing a rather dismal year compared to the other “big four” countries. However, this still indicates that the nation is on track to surpass the amount of US $336,405,000 for 2021.

With 109 fintech firms raised a total of US $1,111,570,000 in 2022 to date, which is already more than the US $1,038,456,500 banked in 2021, fintech is proving to be the key driver of investment on the continent once again.