VC Firms
    Venture Capital

Investor activity within a startup is not dependent on its past or present but rather the future of the business. Many startups therefore work hard on their pitch decks to show where the company is coming from and where it is headed. While investment firms, accelerators and angel networks participate in funding of startups at an early stage, not all follow on funding in later rounds. highlights several factors that contribute to investors, particularly Angel investors’ “one and done '' investment strategy including investing in businesses that fail or the progressive reduction in return for every round.

Digest Africa data indicates that  Seed, Early and Late Venture rounds have raked in $3.7B across over 1400 rounds by startups in Africa across all time. The funding rounds have brought onboard new investors, maintained some and lost participation of others as well. Of all sectors, the Fintech sector has the highest count with 383 startups that have received a follow on funding. This is not surprising as this is the sector that has attracted the most venture funding historically in the startup space in Africa.

Below we list 38 startups that have raised more than one round with follow-on subsequent rounds from the same investors in alphabetical order. Here are some takeaways:

  • The investors listed have participated in two (2) or more venture rounds.
  • CRE Venture Capital, Omidyar Network, CDC Group and Goodwell Investments have made a follow on funding for more than one startup in the list.
  • Andela, Asoko Insight, Jumia Group, Jumo and OPay have the highest number of consistent investors with at least 4 participating in more than one round.
  • Financial Services, which has recorded the highest level of growth in the continent has the most number of startups featured on the list (10 startups.)
  • Nigerian based startup OPay is the youngest startup receiving follow on funding (founded in 2018.)

Top Funding Rounds 2019
African Leadership Academy 2008 Education Omidyar Network 2 $32.3M
Afrimarket 2013 E-Commerce & Retail Orange 2 $13.8M
Andela 2014 Commercial & Professional Services CRE Venture Capital | GV | Chan Zuckerberg Initiative | Spark Capital | Omidyar Network | GSV Accelerate 2+ $181M
Asoko Insight 2014 Media & Entertainment Lateral Capital | CRE Venture Capital | Singularity | North Base Media 3 $8M
BBOXX 2010 Energy & Environment Resources ENGIE | MacKinnon & Bennett | DOEN Participaties 3 $73M
Cellulant 2004 Financial Services Velocity Capital 2 $53M
Dabchy 2016 E-Commerce & Retail Flat6Labs 2 $340K
Eventtus 2012 Commercial & Professional Services Vodafone Ventures 3 $2.6M
Eversend 2017 Financial Services Techstars 3 $145K
Flutterwave 2016 Financial Services CRE Venture Capital | Greycroft 3 $55M
Halan 2017 Transport & Logistics Battery Road Digital Holdings 2 $4.9M
Jumia Group 2012 E-Commerce & Retail AXA Group | CDC Group | Orange | MTN Group 2+ $700M
Jumo 2014 Financial Services Goldman Sachs | Proparco | Odey Asset Mgt | LeapFrog Investments 2+ $122.5M
Konga 2012 E-Commerce & Retail Naspers | Kinnevik 4 $79.5M
Kopo Kopo 2011 Financial Services Accion Venture Lab | Javelin Venture Partners 2 $4.7M
M-Kopa 2011 Energy & Environment Resources CDC Group | Lundin Foundation | Generation Investment Management 4 $50M
Migo 2014 Financial Services XSeed Capital Partners | The Rise Fund 2 $33M
MoneyFellows 2014 Financial Services 500 Startups | Dubai Angel Investment 2 $1.6M
mPharma 2014 Healthcare & Pharma 4DX Ventures | Golden Palm Investments | Social Capital 2 $23.6M
Naked Insurance 2016 Financial Services Yellowwoods | Hollard Insurance 2 $3.6M
OffGrid 2016 Energy & Environment Resources DOEN Participaties 2 $2.8M
One Africa Media 2012 E-Commerce & Retail SEEK 2 $30M
OPay 2018 Financial Services Meituan Dianping | Sequoia Capital China | Source Code Capital | GSR Ventures | IDG Capital 2 $120M
Paga 2009 Financial Services Omidyar Network | Goodwell Investments | Adlevo 3 $32M
Powerhive 2011 Energy & Environment Resources Caterpillar Ventures | Prelude Ventures | Tao Capital Partners 2 $29.3M
Sendy 2014 Transport & Logistics DOB Equity 2 $9M
Shortlist 2016 Recruitment Zephyr Acorn 2 $3M
Sidai Africa Ltd 2011 Agriculture AHL Venture Partners 2 $3.47M
Solar Now 2011 Energy & Environment Resources SunFunder | resposAbility 2+ $17M
SWVL 2017 Transport & Logistics BECO Capital 3 $80M
Tizeti 2014 Information Technology Y Combinator | Western Technology Investment | Social Capital 2 $5.1M
Twiga Foods 2013 E-Commerce & Retail IFC | Creadev | TLCom Partners 4 $45.80
WhereIsMyTransport 2015 Transport & Logistics Goodwell Investments 3 $4.87M
Wuzzuf 2009 Recruitment Endure Capital 3 $7.7M

 For more data on other startups that have raised more than once overtime and the investors that have backed them, subscribe here to Digest Africa

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