
We are excited to announce the re-launch of the Startuplist Africa blog—a new home to celebrate and document the African startup ecosystem. As innovation grows across Africa, our commitment to giving you the full story, the inspiring stories and the deep dive analysis on the entrepreneurs shaping our future has never been bigger. With this re-launch we want to be the go-to place for anyone who is passionate about the African tech scene, with exclusive interviews with industry leaders, data driven reports and thought provoking articles that capture the journey.

We’ve been documenting the rise of game-changing startups for years and connecting them with global investors, partners and markets. Our platform has become a conduit for international collaborations, amplifying the impact of African innovation on a global scale. By tapping into our network and global reach, the new blog will give you unprecedented access to the trends that are putting Africa on the world innovation map.

Our new blog is more than a new design; it’s a re-commitment to our mission to equip startups, investors and enthusiasts with the information and tools they need to win. Expect more substance, more depth as we dive into the trends shaping the African startup scene, feature the game changers and explore the challenges and opportunities ahead. Join us on this journey—we’re fuelling the momentum that’s taking Africa to the top of the innovation charts. Together we’ll look at how the continent’s brightest minds are solving some of the world’s biggest problems and how you can be a part of this movement. The re-launched StartupList Africa blog is your ticket to the heart of Africa’s tech revolution and we can’t wait to share this new chapter with you.



Today, we’re excited to announce our partnership with the global data and research platform Statista.

The partnership allows Statista to leverage [StartupList Africa](https://startuplist.africa/)’s data and insights with the aim of creating better global access to data and insights from Africa.

With more than one million statistics, [Statista](https://statista.com) is one of the world’s leading business data platforms for strategic market analysis, statistics, and editorial research results. Statista.com offers immediate access to data, insights, and trends covering 80,000 topics across 22,500 sources, spanning over 170 industries.

According to our CEO and Founder, [Emmanuel Ibe](https://www.linkedin.com/in/emmanuelibe/):

> Our partnership with Statista is an exciting way for us to extend the impact of Africa’s fast-growing ecosystems across the globe. There are a lot of investment activities happening in the African Startup scene and we’re doubling down on our commitment towards providing the world with rich and valuable insights through our strategic partners.

Over the past 2 years, StartupList Africa has continuously increased its coverage and intelligence on Africa’s fast-growing technological (startup) landscape. We believe that Africa has everything it takes to export its technical resources to the world, and we’re doubling down on our mission to support this with rich and valuable insights, thereby encouraging data-driven decisions by stakeholders.

We look forward to working with Statista to achieve a more positive impact on activities happening in the African Startup Ecosystem.



Funding to African “Series stage” startups has increased exponentially over the last year.


Series stage startups are essentially startups that have received Series A – Z funding in Africa in 2021. We’re currently tracking data up to Series E.

According to our data, more African startups have raised Series funding rounds in 2021 than in any previous year, creating an investment-friendly environment for early-stage companies.

![Total Funding YTD](https://startuplistafrica.files.wordpress.com/2021/09/total-funding-ytd.png)

Series A rounds account for the largest number of rounds, while only five companies ([OPay](https://startuplist.africa/opay), [Flutterwave](https://startuplist.africa/flutterwave), [Chipper Cash](https://startuplist.africa/chipper-cash), [Yoco](https://startuplist.africa/yoco), and [Elmenus](https://startuplist.africa/elmenus)) contribute the largest funding amounts in Series C.

![Series A Total Funding YoY](https://startuplistafrica.files.wordpress.com/2021/09/series-a-total-funding-yoy.png)

At Series A, funding to African startups has increased by over 2.5x year-on-year, showing that investors are betting more on African startups as they advance toward their growth stages.

![Series B Total Funding YoY](https://startuplistafrica.files.wordpress.com/2021/09/series-b-total-funding-yoy.png)

At Series B, funding to African startups has increased by 52%, with companies like [Gro Intelligence](https://startuplist.africa/gro-intelligence), [Fair Money](https://startuplist.africa/fairmoney), [Kuda](https://startuplist.africa/kuda-bank), and [Daystar Power](https://startuplist.africa/daystar-power) raising the biggest rounds.

![Series C Total Funding YoY](https://startuplistafrica.files.wordpress.com/2021/09/series-c-total-funding-yoy.png)

Five startups at Series C currently hold the largest share (over 36%) of cumulative funding ($2.1 billion as of September 26) in Series stage startups. These companies are OPay, Flutterwave, Chipper Cash, Yoco, and Elmenus.

At Series D & E, companies like [Go1](https://startuplist.africa/go1) (South Africa) and [Zipline](https://startuplist.africa/zipline) (Rwanda) have raised $200 million and $250 million, respectively.

![Average Series Funding YTD](https://startuplistafrica.files.wordpress.com/2021/09/average-series-funding-ytd.png)

This is the current state of average funding to African startups at the Series stage.

**Please note:** Most of these companies are incorporated outside Africa but have specific regions in Africa as their headquarters. The topic of African incorporation will be covered in a separate post.



At [StartupList Africa](https://startuplist.africa), we enjoy diving deep into data to uncover patterns that can support informed discussions among key players in the African startup ecosystem, facilitating data-driven decision-making.

Last week, we released a preliminary report on the [Top 5 VC investment destinations in Africa 2020](http://ow.ly/Xah450DbhGF), which garnered significant attention and feedback from the African community.

![Top VC Investment Destinations in Africa 2020](https://startuplistafrica.files.wordpress.com/2021/09/top-vc-investment-destinations-in-africa-2020.png)

One notable comment came from [Firas Ahmad](https://www.linkedin.com/in/firasahmad), Co-Founder and Group CEO at AzamPay, an online payments management solution based in Mauritius.

![Firas Ahmad](https://startuplistafrica.files.wordpress.com/2021/09/firas.png)

To clarify, our analysis links VC investments to the African country where startups are founded or headquartered, even if they operate in multiple regions. Ahmad’s comment sparked questions within our team, such as, “Do the markets where a startup operates affect the size of their investment?” and “What factors influence an African startup to expand to new regions?”

Our analysis revealed:

### The Markets Influence the Size of Investment Deals

Startups operating in multiple regions or planning to expand attract more funding. All companies closing the largest deals in the top 5 African startup locations in 2020 operated in multiple regions:

- Kenya’s [Greenlight Planet](https://startuplist.africa/greenlight-planet/), operating in 11 countries, raised over $90 million.
- Nigeria’s [Lumos](https://startuplist.africa/lumos), with operations in two countries, raised over $35 million.
- South Africa’s [Jumo](https://startuplist.africa/jumo), active across Africa and South Asia, raised $55 million.
- Egypt’s [Vezeeta](https://startuplist.africa/vezeeta/), with offices in the UAE and Saudi Arabia, raised $40 million.
- Ghana’s [Chipper Cash](https://startuplist.africa/chipper-cash/), operating in West and East Africa, raised over $44 million.

### Regional Expansion Intentions

Startups from Nigeria, Ghana, and Kenya are often Africa-focused from day one, aiming to expand within the continent. Conversely, startups from South Africa and Egypt often plan to expand within their countries before considering other regions due to developed startup ecosystems, higher GDP per capita, and cultural factors.

#### Developed Startup Ecosystems

South Africa and Egypt have mature ecosystems, attracting investment to cities like Cairo, Alexandria, Cape Town, and Johannesburg, which offer critical resources for startups. Nigeria, Kenya, and Ghana, though growing, face resource constraints such as access to capital and infrastructure.

#### Higher GDP Per Capita

South Africa and Egypt have higher GDP per capita than other top locations, indicating greater purchasing power. Startups in these countries may focus on their local markets before expanding.

#### Cultural Factors

Investors advise startups to expand into culturally similar markets, which may explain why South African startups often look to Western markets, while Egyptian startups eye the MENA region.

### Infrastructure-Focused Startups Attract More Funding

Investors prefer infrastructure-focused startups as they serve multiple markets. In Kenya, Nigeria, and Ghana, fintech and cleantech startups are popular due to capital needs and critical infrastructure, especially in sectors driving the digital economy.

Investors are more likely to back ambitious multi-region startups aiming to conquer the continent. Such companies are also prime candidates for acquisition, as noted by Victor Basta, founder of Magister Advisors.

### Conclusion

For African startups to attract investments, they should be infrastructure-focused and meet business needs. Companies in smaller markets should consider expanding to one or more top countries in Africa. Starting with an Africa-focused strategy is advantageous.


The StartupList Africa Blog

Relaunching the StartupList Africa Blog

Announcing StartupList Africa's partnership with Statista

State of Funding to African Series Stage Startups in 2021 (September Edition)

How Market Sizes Influence VC Deals in Africa

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