Nigeria : Startups, others raise $143.9 billion funding in quarter one
- 27 April 2022 / News / 195 / Fares RAHAHLIA
Global venture funding has reached $143.9 billion, raised across 8,835 deals in quarter one (Q1 2022). Though this is a 19 per cent slowdown from the previous quarter’s funding, Q1’22 marked the fourth-largest quarter for funding on record.
Data from CB Insight revealed that out of the figure, African start-ups raised $923 million in over 170 deals in the period under review, which lays a solid foundation for a record-breaking year ahead.
In the report, titled the ‘State of Venture’, African firms’ funding in Q1 alone was higher than $849 million raised in 2020.
According to the report, big rounds such as Flutterwave’s $250 million, Waskoko’s $125 million raise, M-Kopa’s $75-million and Moove Africa’s $65 million among others triggered the increase of funding amounts for the region.
Another report by TechCabal Insights puts the number that African startups have raised in the first quarter of 2022 at $1.5 billion.
The report claimed that fintech stays supreme, raising 30 per cent of total funding raised in Q1 2022. Following fintech closely are eCommerce and logistics raising $200 million and $142 million respectively.
The report said the buy now pay later (BNPL) segment also attracted investments in the quarter.
It stated: “BNPL is also fast becoming a choice sector. In Q1 2022, the sector raised over $102 million in VC funding. In 2020, the Gross merchandise value (GMV) was estimated around $204 million and is expected to reach $1,741.2 million by 2028.”
CB Insights noted that these reports have emerged on the backdrop of a massive $5.2 billion in capital raised by African start-ups in 2021 according to the African Private Equity and Venture Capital Association’s report (AVCA) released in April 2022.
“Looking beyond the headlines, this rapid surge in African unicorns highlights the speed of, and prospects for, continental growth. It also underscores the gradual maturation of the industry and a pace of investment acceleration being achieved nowhere else in the world,” the report said.
In other parts of the globe, the report said the US alone accounted for nearly half of total funding, with some of the biggest deals in the region going to companies like biotech startup Altos Labs, security analytics platform Securonix, and logistics unicorn Flexport, which hit an $8 billion valuation. It stressed that US-based companies also drove a significant portion of the Q1 funding activity, accounting for 37 per cent of all deals that quarter.
MOROCCO - IMF Mission Highlights Moroccan Central Bank's Transparency Practices
- 28 December 2022
This mission, whose expertise and relevance of recommendations praised Bank Al-Maghrib, focused on examining the bank's transparency practices in five areas, relating to "Governance", "Policies", "Ope...
MOROCCO - Morocco Has Strong Inflation Fundamentals, Says Economy Minister
- 27 December 2022
"Morocco has long had the lowest inflation in the region, and has been able to minimize the impact of the crisis on the purchasing power of citizens despite a difficult economic situation in 2022," sa...
MOROCCO - Ambassador to AU Urges PAP to Ensure Full Participation of African Citizens in Continent's Development
- 20 December 2022
The PAP was established with a clear statutory mandate to ensure primarily the effective participation of African citizens in the economic integration and development of the continent, the Moroccan di...
MOROCCO-Morocco Opposes Modernity, Social Reality's Hopes to Fractures, Fears Expressed in Fragmented World - Azoulay Tells 'The Atlantic Dialogues'
- 19 December 2022
"Carried by the committed and proactive leadership of His Majesty King Mohammed VI, Morocco has chosen, in the land of Islam, to make the legitimacy and richness of all its diversity the central engin...
MOROCCO-Lower House Speaker Visits Austria to Strengthen Parliamentary Cooperation
- 16 December 2022
The visit of Talbi Alami is the first of a speaker of an Arab and African legislative body in the Austrian Parliament and comes to commemorate the 240th anniversary of Moroccan-Austrian relations, cel...