In June 2023, just under 50 Africa-focused tech startups announced raising just under $100 million in risk capital.
That includes equity & debt but excludes grant funding like the Google for Startups Black Founders Fund. (See the June 2023 recipients here.).
And while the vast majority of deals in the month were equity fundraises, five debt transactions contributed to 16% of the funding raised across the continent.
Here are all the deals announced across Africa’s tech ecosystem in June:
And here are some of the month’s highlights:
- The rise of healthtech?
While fintech generally leads all sectors across Africa’s tech ecosystem, healthtech was #1 this month. The sector attracted 36% of the total disclosed funding in June (and fintech was a close second, accounting for 31%). But before we crown healthcare the new king, let’s note that this is mostly due to one deal. Excluding Helium Health‘s $30 million Series B, healthtech would have accounted for just 6% of the funding raised across Africa in the month.
- The rise of ‘stacks.’
“What’s in a name? That which we call a rose by any other name would smell as sweet.” While the importance of names has been debated since the days of Shakespeare, what’s clear today is that the 2020 acquisition of Nigeria’s Paystack by Stripe for over $200 million is one of the biggest wins across the continent’s tech ecosystem to date. And it seems that various startups are trying to tap into that winning formula as Talstack, Sendstack, and Mainstack all announced fundraises in June. Notably, these new ‘stacks’ all originate from Nigeria.
..any other stacks out there? pic.twitter.com/LyUhuqAPQq
— Nubi Kay (@NubiKay) June 16, 2023
- Still the giant of Africa.
Speaking of Nigeria, Africa’s most populous country again led funding across the continent. 38% of the announced Africa Tech fundraises in June were by Nigeria-originating startups, and they accounted for 51% of the total funding raised in the month. More broadly, the four NEKS countries (Nigeria, Egypt, Kenya, and South Africa) again dominated fundraising activity in the month.
Remember, you can submit Africa Tech fundraises to Afridigest via this form.
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