Despite the funding slowdown experienced by startups across Africa in 2023 (compared to the record-breaking years of 2021 and 2022), Africa still witnessed over $5 billion in startup funding in 2023.
These are the top 10 most-funded startups in Africa for the year 2023:
1. MNT-Halan – $400 million: Egypt’s largest and fastest growing lender to the unbanked and underbanked, MNT-Halan was the most funded startup after it raised $400 million in equity and debt financing from local and global investors in January. A significant piece of the equity (circa $200 million) was provided by Abu Dhabi–based Chimera Investments.
2. M-KOPA – $250 million: Asset financing platform that enables underbanked customers in Africa make digital micropayments for essential products (including solar lighting, televisions, fridges, smartphones & financial services), M-KOPA secured more than $250 million in new funding, in May. The capital injection included $55 million in equity and over $200 million in debt.
3. Husk Power Systems – $103 million: In October, Husk Power (a leading rural energy services company in weak-grid and off-grid communities across Africa and Asia) successfully raised $103 million in its Series D funding round to drive rural electrification and expand renewable energy services in the two regions.
4. Planet42 – $100 million: This Estonia-founded but South Africa-based startup that buys used cars from dealerships and rents to customers announced a $100 million raise in February to scale operations across South Africa and Mexico.
5. MOOVE – $84 million: Nigerian (and Africa-focused) automobile financing startup, MOOVE, raised two rounds of funding- initially securing $8,000,000 to expand to Ghana and then $76,000,000 to strengthen its position on the global stage.
6. Wetility – $48 million: This South African startup, offering solar energy solutions for households and businesses, raised $48 million in September 2023 to accelerate expansion plans and grow its customer base.
7. Nuru – $40 million: In July, Nuru (alternative energy startup in the Democratic Republic of Congo) raised a Series B round of $40 million to build the biggest mini-grid in sub-Saharan Africa.
8. Sabi – $38 million: In May, Nigeria’s B2B eCommerce platform, Sabi, raised $38 million in Series B funding to enhance its technological infrastructure. Sabi’s platform seeks to revolutionise how B2B transactions are conducted in Africa, providing a seamless digital marketplace for buyers and sellers to connect, negotiate, and trade goods and services. The new funding will enable Sabi develop its platform further, enhancing its features and user experience. Additionally, Sabi plans to invest significantly in its logistics network and expand its reach to underserved regions, ensuring that businesses across Africa can access a reliable and efficient B2B e-commerce ecosystem.
9. Lulalend – $35 million: In February, Lulalend, a South African digital lender catering to underserved small and medium-sized enterprises (SMEs), raised a $35 million Series B funding round to help it scale its business.
10. Victory Farms – $35 million: In April, East African tilapia producer Victory Farms successfully completed a $35 million Series B round, which will fund the expansion of its operations in Kenya and Rwanda, as well as potential entry into Ethiopia, Uganda and Tanzania.