In 2021, these and six other tech companies each raised at least $100 million in different rounds to herald a new regime of ‘mega-round’ startup funding in Africa. The 11 deals they closed were worth over $1.7 billion, accounting for more than 40% of the $4.2 billion African startups have (so far) raised this year, according to The Big Deal, a startup funding database.
No African startup raised $100 million in 2020. Indeed, except the buzzy acquisitions of Paystack and Sendwave, last year was marked by fears of investor apathy towards Africa. As the pandemic ravaged economies, there was some anxiety that western investors would retreat, focusing rainy day funds on less risky, developed markets.