African startups announced a total funding of $550 million in July, the highest amount raised in a single month in over two years.
According to the latest report by Africa: The Big Deal, 83% of the total was raised by two companies, d.light and Sun King.
d.light, an energy solutions company providing affordable and sustainable solar power to communities across Kenya, Uganda, and Tanzania, expanded its receivables financing by $300 million.
Sun King, one of Africa’s leading off-grid solar energy providers, secured a $156 million debt facility.
In July, 61 startups announced at least $100,000 in funding, a significant jump compared to the first half of the year, when the number typically hovered around 40 or fewer.
Of the 61 startups, spread across 15 countries, 41 were located in the “Big Four” markets: Nigeria, Egypt, South Africa, and Kenya. However, $493 million, representing 89% of the total funding raised, came from debt deals.
In terms of equity, $58 million was announced, marking the lowest equity funding within a month this year. Rwazi’s $12 million Series A was the largest equity deal in July.
