African startups raise $500m in three months

African startups have raised $546 million from investors in the first three months of the year.

The figure was higher than the total amount raised by the startups in the first six months of 2019 and 2020.

Maxime Bayen, a Senior Venture Builder who carries out daily surveys on investments secured by African startups disclosed this on its Twitter handle.

According to Bayen, Flutterwave deal of $170 million means startups in Africa are heading to record-high funding.

READ ALSO: Fintech player Flutterwave raises $35m in Series B Funding. Should Paystack be worried?

It wrote: “With flutterwave round, we have reached already deals (>$100K) closed in 2021 by #startups in #Africa and that represents $546 million funding in total.”

The data by Bayen showed that in the six months of 2019, startups raised $256million and $368 million during the same period of 2020.

Flutterwave is a Nigerian payment company founded in 2014 by Olugbenga Agboola.

With the $170 million deal, the company is expected to expand its services to Egypt, Morocco, and Tunisia as Nigeria continues to make a mark in the continent’s payment system.

Join the conversation

Opinions

Support Ripples Nigeria, hold up solutions journalism

Balanced, fearless journalism driven by data comes at huge financial costs.

As a media platform, we hold leadership accountable and will not trade the right to press freedom and free speech for a piece of cake.

If you like what we do, and are ready to uphold solutions journalism, kindly donate to the Ripples Nigeria cause.

Your support would help to ensure that citizens and institutions continue to have free access to credible and reliable information for societal development.

Donate Now