NAIROBI, Kenya, Sept 10 – Startups in Kenya, Nigeria and Egypt raised Sh9 billion in August, accounting for the bulk of the Sh12 billion mobilized by African startups that month, new data shows.
Figures from Africa: The Big Deal, a newsletter tracking startup funding, indicate that firms in other African nations shared the remaining Sh3 billion.
Overall, 33 startups raised $93 million (Sh12 billion) in deals worth over $100,000, excluding exits. About three-quarters of the funding came in equity, while the rest was debt, including a $9 million securitised bond issued by Egypt’s valU.
Sectorally, funding was spread across at least five industries, each attracting 10 percent or more of the total. The period also recorded a handful of exits, the most notable being Nedbank’s $93 million acquisition of South Africa’s iKhokha.
Despite the activity, August was quieter compared to July. However, the report notes that amounts raised were still higher than in August 2024, while the number of startups that secured funding matched levels seen in both 2024 and 2023.
In 2024, Kenyan startups raised Sh82.3 billion ($638 million), placing the country ahead of Nigeria (Sh52.9 billion), Egypt (Sh51.6 billion), and South Africa (Sh51 billion) in Africa’s startup funding rankings.
