Africa’s 50 most funded tech startups in 2018 raised a total of $618M, Digest Africa

Startup Digest

Share!

kilimall huawei y7 2019

Africa’s 50 most funded tech companies in 2018 raised a total of $618M. This is according to the Digest Africa INDEX, an annual report that summarises Africa’s technology investment landscape set to be released on Thursday 9.

The report tracked 448 funding and M&A deals of which 344 were disclosed. These generated $1.2 billion in deal value with funding raised by tech companies contributing 57% of that.

However, the 50 most funded companies in 2018 – with $618 million – contributed 90% of the $684 million total funding.

According to the report, the most funded company on the list is Tanzania’s Zola Electric with $107.5 million.

When recording funding Pk Malinz, the Founder and CEO of Digest Africa said they include debt financing, grants/non-equity assistance, venture capital, angel investment, initial coin offerings, crowdfunding and corporate financing.

‘’For this particular list, we only included companies that raised at least $2 million in total funding. ‘’ Pk said in a blog post.

On the infographic released by Digest Africa, the companies are classified under four groupings; $2-4.99M, $5-9.99M, $10-19.99M and $20M+. There were seven companies that raised $20 million plus with an aggregate total of $346 million. From $10 million to $20 million, there were 9 companies with an aggregate amount of $111 million.

Have anything to add to this story? Leave us a comment in the comments section below. In the meantime, follow or subscribe to our newsletter to ensure you don’t miss out on any future updates on African startups. 

Facebook Comments
Huawei Y6 Prime 2019
Tagged
Nixon Kanali
Kanali is a freelance tech journalist based in Nairobi. For product reviews, pitches, guest posts, or interviews drop me an e-mail nickcanali@gmail.com/nkanali@techtrendske.co.ke.

Leave a Reply