African startups and tech companies raised more than US$260.6 million over 57 disclosed deals in the first quarter of 2020. A total of 79 deals in the form of equity, debt and grant were raised from over 80 investing institutions and individuals as captured by the Founder360° team. The year started with 3 mega deals announced in January involving Flutterwave, Skynamo and Sendy.
Once again financial technology (FinTech) sector remains the most attractive and highest-funded sector gulping US$100 million which is 39% of the total funding. HealthTech sector was second having attracted over US$40.4 million.
JUMO, a technology company building next-generation financial services for emerging market entrepreneurs secured the most at US$55 million followed closed by Egyptian HealthTech startup which raised US$40 million.
Nigeria, South Africa, Kenya, and Egypt are still Africa’s leading startup hubs and destination for investors having attracted the most number of deals. While Nigeria led with the most number of deals captured within the first quarter of 2020, South African startups and tech companies raised the highest value securing a total of US$93.1 million.
Deal announcements picked up well in February where more than US$160 million of funding was captured and slowed down in March potentially due to the escalating COVID-19 cases in Africa within this month.
Out of the total 79 deals. Only 11% went to women-founded startups. This can also be further observed in the average ticket amount raised by women at US$42,000 compared to men at US$6.04 million.
The first quarter of 2020 also had 5 acquisition deals announced including Paga acquisition of Ethiopia’s Apposit. E-Commerce recorded 2 acquisitions with Kenya’s African Sokoni acquiring Nigeria’s Bolorims.
You can view the live full database here.
Cover Image Credits: Flutterwave