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