The number of funded startups increased by 12.2% compared to 564 in 2021, while the total secured funding jumped 55.1% from $2.15 billion in 2021. This represents significant growth, albeit smaller than the previous year, in the face of global economic conditions.
Since Disrupt Africa began publishing its annual funding report in 2015, the number of startups securing investment has continued to increase each year, with a growth of 406% from 125 in 2015 to 633 in 2022. The total funding going to African tech startups has also increased by over 1000% since 2015, with an average deal size of $5.27 million in 2022, up 38.2% from $3.29 million in 2021.
Nigerian fintech startup Flutterwave topped the record for the largest round ever raised by an African tech startup with a $250 million raise in February 2022. Other notable amounts were raised by Moove ($181.8 million), MNT-Halan ($150 million), Yassir ($150 million), Wasoko ($125 million), InstaDeep ($100 million), Clickatell ($91 million), and M-KOPA ($75 million).
There were 987 different disclosed investors in African tech startups in 2022, up 28% from 771 tracked in 2021. The most active investors included early-stage funds such as Launch Africa Ventures, LoftyInc Capital Management, and Future Africa, as well as accelerators like Y Combinator, Techstars, Flat6Labs, and Startup Wise Guys. The late-stage investment came from a host of international and local VC firms, with major global investors such as Tiger Global, Sequoia Capital, and SoftBank becoming increasingly active in the market.
