The startup scene in Africa has been on a high note with the first half of 2018.
Since January, up to 120 deals have been closed amounting to US$168.6 million outstripping the 2017 annual funding mark of US$167.7 million according to a report by Wee Tracker.
Fintech remains the most attractive and highest funded sector for investors with 4 of the 10 largest deals made are from this sector. Cellulant, a digital payment solutions company operating across 11 countries with headquarters in Kenya attracted US$47.5 million followed by online micro-lending platform, Branch International with offices in Nairobi, Nigeria, and the U.S attracting US$20 million.
This was followed by Healthtech and Agritech with 13 and 10 deals respectively. E-commerce comes fourth with 9 deals to its credit.
It is also worth noting that Grants and Prizes were the most favoured means of funding, followed by Seed Investments and Series A investments.
While Nigeria was the preferred top destination for investors netting 29 deals, Kenya amassed the highest funded deals netting US$82.86 with 23 deals which was 3 times the total amount of funding raised in Nigeria at US$29.41.
The Wee Tracker report also notes that the significant increase in the investment activity this year can be credited to an increase in the number of VC’s, angels, corporates, accelerators, funds, and incubators interested in the African startup space.