There was an almost four-fold increase in total startup funding received for African startups in 2018. The number of funding deals more than doubled and startups on the continent are increasingly being recipient of big ticket rounds of over $5 million. In total, African startups raised a record $725.6 million across 458 deals, the 2018 venture investment report by WeeTracker shows.
The larger size of individual funding rounds is illustrated in the top ten deals which jointly accrue to $457 million and accounted for 61% of total funding received. It reflects increasing investor confidence in startup businesses across the continent’s major hubs. It’s a noteworthy trend given how in the recent past the abundance of early stage funding was typically not followed up with the crucial Series A growth stage.
In total, 30 startups raised individual rounds higher than $5 million in 32 deals valued at $626.9 million.