Tech startups funding in Nigeria, others drop from $1.2b to $367m

Funding for technology startups in Nigeria, South Africa, Egypt, and Kenya among other African countries dropped in quarter three.

Data from CB Insights revealed that venture capital flows into African start-ups fell to $ 367 million for the third quarter of September, compared to the second quarter of June. Funding in the comparative quarter of 2021 amounted to $1.2-billion.

CB Insights identified Launch Africa, with investments in six companies, UM6P Ventures and AfricInvest, with three private equity deals as the top investors in African tech ventures during the third quarter of 2022 period. Other investors included Entrepreneurs for Entrepreneurs Africa, Huobi Ventures, KuCoin and LoftyInc., among others.

In Egypt, e-commerce companies Homzmart, with $ 23 million, Cartona, which raised $ 12 million and one order, which bagged $ 7 million had the highest capital raises for the period under review.

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