According to the Briter Bridges report, Kenyan startups lead African funding, raising $520 million in the first half of 2023. Following Kenya are startups from Egypt, South Africa, and Rwanda. In terms of the number of concluded transactions, Nigerian unicorns are at the forefront of the continent.
As per data published by Briter Bridges, Kenyan startups received more equity funding from investors than ever before in the first half of 2023, totaling $520 million. Egypt follows with $510 million, South Africa with $400 million, and Rwanda with $330 million.
The most active sectors include FinTech, climate technology, and logistics. Nigeria ranks fifth in terms of investment volume ($280 million). However, the country leads the continent in the number of transactions with 101. Kenya has concluded over 80 transactions so far, followed by South Africa (60), Ghana (35), and Egypt (15).
Other countries, including Ghana, Senegal, Morocco, Uganda, and Tunisia, have shown positive results despite the economic slowdown.
