According to data from Africa: The Big Deal, startups in Nigeria and other African nations raised $4. 85 billion in 2022. After delayed investment announcements from investors are made, the database and insights company that focuses on startup funding above $100,000 in Africa said that this might potentially surpass $5 billion.
It claimed that 1,000 or more deals for $100k or more had been announced in 2022, an increase of 11% from the previous year. According to the report, the top four nations—Nigeria ($1. 2 billion), Kenya ($1.1 billion), Egypt ($820 million), and South Africa ($550 million)—collected 75% of the total amount raised.
Fintechs dominated the funding discourse in 2018, accounting for 37% of deals. It stated that African startups performed well in 2022, particularly during a bear market.