StartupList Africa Logo


State of Funding to African Series Stage Startups in 2021 (September Edition)

Tue Sep 28 2021

Funding to African “Series stage” startups has increased exponentially over the last year.

Series stage startups are basically startups that have received Series A – Z funding in Africa in 2021. We’re currently tracking data up to Series E.

According to our data, More African startups have raised Series funding rounds in 2021 than any other year thereby creating an investment-friendly environment for early-stage companies.

Series A rounds account for the largest (by count) while only 5 Companies (OPay, Flutterwave, Chipper cash, Yoco, and Elmenus) contribute the largest funding (by size) in Series C.

At Series A, Funding to African Startups has increased by over 2.5x Year-On-Year which shows that investors are betting more on African Startups as they emerge towards their growth stage.

At Series B, Funding to African startups has increased by 52% with companies like Gro Intelligence, Fair Money, Kuda and Daystar Power raising the biggest rounds.

Five (5) Startups in Series C currently hold the largest chunk (over 36%) of cumulative funding ($2.1b as of 26/09) in Series stage startups. These 5 companies are OPay, Flutterwave, Chippercash, Yoco and Elmenus.

At Series D & E, companies like Go1 (South Africa) and Zipline (Rwanda) have raised $200m and $250m respectively.

This is what average funding to African startups at the Series stage currently looks like at the moment.

Please note: Most of these companies are incorporated outside Africa but have certain regions in Africa as their Africa HQ. Africa incorporation is an entirely different topic that will be treated in another post.

This article was last updated on: 2021-09-28T17:50:20+01:00
Subscribe to our newsletter

Get access to more features

Get deeper insights and access to more with our Pro plan

🍪 This website uses cookies to improve your experience. By using the website, you consent to our use of cookies.