ADVERTISEMENT
TechEconomy
Friday, June 6, 2025
No Result
View All Result
  • News
  • Tech
    • DisruptiveTECH
    • ConsumerTech
      • Accessories
      • Phones
      • Laptop
      • Gadgets and Appliances
      • Apps
    • How To
    • TechTAINMENT
  • Business
    • Telecoms
      • Broadband
    • Mobility
    • Environment
    • Travel
    • Commerce
    • StartUPs
    • TE Insights
    • Security
  • Partners
  • Economy
    • Finance
    • Fintech
    • Digital Assets
    • Personal Finance
    • Insurance
  • Features
    • IndustryINFLUENCERS
    • Guest Writer
    • Appointment
    • EventDIARY
    • Editorial
  • Apply
  • TecheconomyTV
  • Techeconomy Events
  • BusinesSENSE For SMEs
  • TBS
  • News
  • Tech
    • DisruptiveTECH
    • ConsumerTech
      • Accessories
      • Phones
      • Laptop
      • Gadgets and Appliances
      • Apps
    • How To
    • TechTAINMENT
  • Business
    • Telecoms
      • Broadband
    • Mobility
    • Environment
    • Travel
    • Commerce
    • StartUPs
    • TE Insights
    • Security
  • Partners
  • Economy
    • Finance
    • Fintech
    • Digital Assets
    • Personal Finance
    • Insurance
  • Features
    • IndustryINFLUENCERS
    • Guest Writer
    • Appointment
    • EventDIARY
    • Editorial
  • Apply
  • TecheconomyTV
  • Techeconomy Events
  • BusinesSENSE For SMEs
  • TBS
No Result
View All Result
Tech | Business | Economy
No Result
View All Result
Podcast

Home » Two Features that Defined Startup Funding in Africa in May 2023

Two Features that Defined Startup Funding in Africa in May 2023

Joel Nwankwo by Joel Nwankwo
June 12, 2023
in ConsumerTech
0
Startup Funding
Venality Concept. Unrecognizable african businessman holding bunch of hundred dollar bills, copy space, panorama

Venality Concept. Unrecognizable african businessman holding bunch of hundred dollar bills, copy space, panorama

RelatedPosts

Samsung Accidentally Confirms Galaxy Z Fold 7 and Flip 7 Names via App Listing

Samsung Accidentally Confirms Galaxy Z Fold 7 and Flip 7 Names via App Listing

June 6, 2025

U.S. Court Rejects Apple’s Bid to Maintain Control Over App Store Payment Links

June 6, 2025

Twenty (20) African African startups raised more than $11 million in funding in April 2023, which represented an improvement over the funding cycles seen since January 2023.

Forty-nine (49) startups raised more than $437 million in May, though several of them raised undisclosed sums during their various investment rounds.

The continent of Africa as a whole, including North, South, West, and East Africa, has a fair number of startups obtaining funding. Sadly, no startups from Central Africa were successful in raising funds in May.

Kenyan asset financing startup, M-Kopa, raised $250 million in May. Making it the startup with the highest raise in May.

The data of the May 2023 startup funding in Africa were determined by 2 key characteristics that TechEconomy tracks.

Fintech Dominates

According to analytics, in May 2022, fintech raised 44.8% of the $437,100,000 raised across 49 deals and led funding with 68.9% of total deals across 34 raises. Fintechs saw a 24.1% net increase, a significant difference given the industry’s potential to draw in even more money.

Nomba, a Nigerian provider of payment services, raised $30 million in a pre-Series B investment to aid African companies. Base 10 Partners in San Francisco, was the lead investor in the round, which also included Partech and Khosla Ventures, as well as new investors Helios Digital Ventures and Shopify.

Jia, a finance company built on the blockchain, has acquired $4.3 million in initial money to grow its operations in Kenya and the Philippines. It also got an additional $1 million for on-chain liquidity.

Sumitomo Corporation, a Japanese trading company, provided the $255 million (debt and equity finance) that the Kenyan asset financing fintech company needed to double its 3 million customers across all of its present markets and take advantage of opportunities in additional demographics. The fundraising also included participation from Blue Haven Initiative, Lightrock, Broadscale Group, and Latitude, Local Globe’s sister fund. 

South African challenger Bank TymeBank raised $77.8 million in a pre-Series C deal headed by Swiss global impact investment firm Blue Earth Capital and African-focused growth-stage fund Norrsken22. Tencent, a major player in Chinese technology, also took part in this round.

To complete the May 2023 financing in Africa, several other fintech businesses in Kenya, Nigeria, South Africa, Egypt, Ghana, Uganda, and Cameroon raised respectable sums.

A Caveat

Fundraising in May 2023 expresses optimism. However, the dominant funds of M-KOPA ($255 million) and Tyme Bank ($77.8 million) in South Africa have a significant impact on these figures. 

The M-o-M margin realized would not have been impressive without the two biggest deals, which together total $332.8 million in venture funding. Simply put, the fact that 76.13% of all venture capital in Africa came from just two rounds of fundraising indicates that the startup ecosystem’s funding is expanding unhealthily.

The fact that more money is being raised outside of the Big Four is a good thing to come out of Africa’s financing narrative for May. Fintech startup Nkwa from Cameroon raised $15k, b2b e-commerce Sabi raised $38m, and Kunda Kids raised $700k. Chari, DataPathology, and Prestafreedom, three Moroccan businesses, also received investment.

Loading

Advertisements
MTN ADS

Author

  • Joel Nwankwo
    Joel Nwankwo

    Joel Nwankwo is a tech journalist. He is passionate about telling stories as it relates to Africa's social and financial tech advancements. You can reach him at joel.nwankwo@techeconomy.ng

    View all posts
0Shares
Previous Post

Lawmaker Refutes Claims of Seeking 5% Stake in Nigeria Air

Next Post

Tinubu Signs Student Loan Bill – Education Bank to Support Nigerian Students

Joel Nwankwo

Joel Nwankwo

Joel Nwankwo is a tech journalist. He is passionate about telling stories as it relates to Africa's social and financial tech advancements. You can reach him at joel.nwankwo@techeconomy.ng

Related Posts

Samsung Accidentally Confirms Galaxy Z Fold 7 and Flip 7 Names via App Listing
Phones

Samsung Accidentally Confirms Galaxy Z Fold 7 and Flip 7 Names via App Listing

by Joan Aimuengheuwa
June 6, 2025
0

This didn’t come from leaks or tech analysts this time; the company itself gave it away.

Read more
U.S. Court Rejects Apple’s Bid to Maintain Control Over App Store Payment Links

U.S. Court Rejects Apple’s Bid to Maintain Control Over App Store Payment Links

June 6, 2025
Corporate Computer Refurbishment

The Untapped Opportunity of Corporate Computer Refurbishment

June 6, 2025
Instagram for Teens

Introducing Teen Accounts on Instagram: Enhancing Teen Safety Online in Nigeria

June 5, 2025
Tariff Tensions Slash 2025 Smartphone Growth Outlook as Apple, Samsung Slow Shipments

Tariff Tensions Slash 2025 Smartphone Growth Outlook as Apple, Samsung Slow Shipments

June 4, 2025
TikTok Launches 'TikTok for Artists' to Give Musicians Direct Access to Data, Control Over Promotion

‘TikTok for Artists’ Launches to Give Musicians Direct Access to Data, Control Over Promotion

June 3, 2025
Next Post
Tinubu Signs Student Loan Bill – Education Bank to Support Nigerian Students

Tinubu Signs Student Loan Bill - Education Bank to Support Nigerian Students

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

I agree to the Terms & Conditions and Privacy Policy.

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Techeconomy Podcast

Techeconomy Podcast
Techeconomy Podcast

Infowave is brought to you by TechEconomy. Every week we will bring new stories from startups and influencers who are shaping and changing the world we live in. We’ll also bring you reports on topics you should know.

Follow us @techeconomyng for more.

TECH TALK EPISODE 2
byTecheconomy

PRODUCTIVITY AND WORK-Life Balance

TECH TALK EPISODE 2
TECH TALK EPISODE 2
May 22, 2025
Techeconomy
CYBERSECURITY ESSENTIALS
April 24, 2025
Techeconomy
Digital Marketing Trends and strategies for 2025 and beyond
February 27, 2025
Techeconomy
Major Lesson for Techies in 2024 and Projections for 2025
December 6, 2024
Techeconomy
Major Lessons for Techies in an AI-Driven World | Techeconomy Business Series Highlights
November 26, 2024
Techeconomy
Maximizing Profitability Through Seasonal Sales: Strategies For Success
November 8, 2024
Techeconomy
Techeconomy Business Series
October 15, 2024
Techeconomy
PRIVACY IN THE ERA OF AI: GETTING YOUR BUSINESS READY
May 30, 2024
Techeconomy
Unravel the Secrets of Marketing Everywhere All At Once with Isaac Akanni from Infobip | Infowave Podcast Episode 1
February 9, 2024
Techeconomy
The Role of Ed-tech in Life Long Learning and Continuous Education
October 19, 2023
Techeconomy
Search Results placeholder

WHAT IS TRENDING

https://www.youtube.com/watch?v=g_MCUwS2woc&list=PL6bbK-xx1KbIgX-IzYdqISXq1pUsuA4dz

Follow Us

  • About Us
  • Contact Us
  • Careers
  • Privacy Policy

© 2025 Techeconomy - Designed by Opimedia.

No Result
View All Result
  • News
  • Tech
    • DisruptiveTECH
    • ConsumerTech
      • Accessories
      • Phones
      • Laptop
      • Gadgets and Appliances
      • Apps
    • How To
    • TechTAINMENT
  • Business
    • Telecoms
      • Broadband
    • Mobility
    • Environment
    • Travel
    • Commerce
    • StartUPs
    • TE Insights
    • Security
  • Partners
  • Economy
    • Finance
    • Fintech
    • Digital Assets
    • Personal Finance
    • Insurance
  • Features
    • IndustryINFLUENCERS
    • Guest Writer
    • Appointment
    • EventDIARY
    • Editorial
  • Apply
  • TecheconomyTV
  • Techeconomy Events
  • BusinesSENSE For SMEs
  • TBS

© 2025 Techeconomy - Designed by Opimedia.

Translate »
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.