AFRICA'S TOP 10 FUNDING ROUNDS: 2015 TO 2019

    In Brief
    The Funding Brief
    Venture Capital

As investment in  African tech continues to grow YoY, we reflect on previous performances to take note of its trends and patterns. According to Digest Africa data dating back as far as 2015, over $4.1 billion in a mixture of funding has been collected by African startups across 1311 deals (2015 - $254.7M, 2016 - $ 734.1M, 2017 - $439.1M, 2018 - $1.059B and 2019 - $1.694B.) Impressively so, there has been an 85% increase in what was raised in 2015 VS 2019, making it Africa’s most monumental year yet. 

To appreciate how far the continent has grown in attracting funds and surpassing the billion mark, we should firstly capture how each year played a role. Below, we spotlight the Top 10 Deals from 2015 - 2019 that are attributed to the annual amounts raised when it comes to venture funding. These are immensely significant as they collectively raised $1.79B (43.2% of what the entire continent has raised in the last 5 years.)

2015

Key Takeaways

  • In total, $130.1M was raised from these 10 deals by 10 different startups, 51.1% of 1.he total funding raised all year.
  • All deals amount to $2.6M+
  • Majority raised in Series C ($78.5M from 3 rounds) and in Series B ($21M from 3 rounds.)
  • All listed startups had raised prior to these rounds.
  • Konga and One Africa Media were both acquired by Zinox Technologies and Ringier while DealDey Ltd shut down operations in 2018.

2016

Key Takeaways

  • Total funding raised by all listed startups is $584.6M across 10 rounds (80% of the total funding for the year.)
  • All deals are $11.5M+
  • Majority raised in a Series A ($83.5M from 3 rounds) followed by Series B ($50.5M from 3 rounds) although the highest amount was raised in 2 Series C rounds valued at $420M.
  • All but Travelstart raised prior to 2016.
  • Jumia went public in 2019 and was listed on the NYSE.

2017

Key Takeaways

  • 10 different startups raised in 10 rounds to the tune of $174.8M (40% of the total funding of the year.
  • All deals amount to $5M+
  • Majority raised in Series A ($45.3M from 6 rounds) although higher amounts were raised in 1 Corporate ($69M) and Series C round ($40M.)
  • All listed startups had raised prior to these rounds except Cars45.
  • Twiga Foods and Flutterwave raised twice in the same year.
  • Takealot was acquired by Naspers.

2018

Key Takeaways

  • $354.7M raised in total across 10 deals by 8 different startups which is 33.5% of the total funding of the year.
  • All deals amount to $20M+
  • Majority raised in Debt Finance ($143.5M from 4 rounds).
  • All listed startups had raised prior to these rounds except iSON Xperiences and Golix.

2019

Key Takeaways

  • In total, $530.45M was raised from these 10 deals by 9 different startups, 31.3% of the total funding raised all year.
  • All deals amount to $21M+
  • Majority raised in Series C ($86.75M from 3 rounds) and in a Series A ($133.7M from 3 rounds.)

If you are interested in accessing the data behind this research brief and require further insights and intelligence on the African startup ecosystem, you can download the data by subscribing here or contact us for custom requests.

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