Afrigather Get the newest enterprise details straight from Africa. Inquisitive about key traits and stats? We’ve received you coated. Keep within the know and enhance your online business smarts proper right here.
1. Enterprise Funding Rise: $621.8 Million in Q2 2023
Enterprise funding in African tech surged to $621.8 million throughout Q2 2023, marking a considerable YoY improve.
2. Mega Offers Increase Might Funding: 42% YoY Improve
Might 2023 witnessed a 42% YoY improve in funding, pushed by two mega offers: M-Kopa secured $255 million and SunKing’s $130 million securitization deal.
3. Blended Momentum: April and June Offers at $129.8 Million and $126.2 Million
In distinction to Might’s surge, April and June 2023 recorded funding offers of $129.8 million and $126.2 million respectively.
4. Complete Q2 2023 Funding: $877.8 Million throughout 220 Startups
In Q2 2023, a complete of $877.8 million was raised by 220 startups, reflecting a 6.9% improve from Q1 2023.
5. Fintech’s Shift: Power Sector Claims 53% of Funding
Power-focused startups dominated Q2 2023 funding, elevating $486.9 million, accounting for 53% of complete funding.
6. Fintech Funding Actuality: Restricted Success in June 2023
Fintech startups in Q2 2023 confronted funding challenges, with restricted success in June in comparison with earlier quarters.
7. Nigerian Funding Lead: $462.4 Million Raised
Nigeria secured the very best enterprise funding in Q2 2023 with $462.4 million, outpacing Kenya, South Africa, and Egypt.
8. Kenya’s Rise: $149.3 Million Funding
Kenya secured $149.3 million in Q2 2023, experiencing a notable rise in funding in comparison with earlier quarters.
9. South Africa and Egypt: $214 Million and $6.1 Million Funding
South Africa and Egypt secured $214 million and $6.1 million respectively, with South Africa’s funding experiencing a decline.
10. Growth Development: Autochek’s Acquisition and Farmerline’s Launch
Q2 2023 witnessed expansions with Autochek’s acquisition of AutoTager and Farmerline launching in Ivory Coast.
11. Cybersecurity Issues: Showmax and Nigerian Banks Focused
Cyberattacks focused MultiChoice’s Showmax and Nigerian banks, exposing vulnerabilities in digital platforms.
12. Shutdown Influence: Lazerpay and Copia World
Lazerpay, a Nigerian crypto startup, and Kenyan e-commerce firm Copia World skilled shutdowns.
13. Layoffs Throughout Startups: Twiga, Eyowo, and Chipper Money
Layoffs hit African startups, together with Twiga, Eyowo, and Chipper Money, as a result of numerous financial challenges.
14. Zimbabwe’s Digital Foreign money Launch: $39 Million Raised
Zimbabwe launched a digital forex, promoting $39 million value of gold-backed digital tokens.
15. Nigeria’s E-Naira: 98.5% Inactive Wallets
Nigeria’s e-naira confronted challenges, with 98.5% of 14 million created wallets remaining inactive.
16. Regulatory Adjustments: License Revocations by Central Financial institution
The Central Bank of Nigeria revoked licenses for 179 microfinance banks, 4 major mortgage banks, and three finance firms.
17. Financial Progress: Africa’s Projections
Africa’s financial progress is about to outperform international averages, with projected GDP progress averaging round 4% in 2023 and 2024.
18. SSA Progress Slows: 3.6% in 2022 from 4.8% in 2021
Sub-Saharan Africa’s progress slowed to three.6% in 2022, a lower from 4.8% in 2021 as a result of COVID-19 and different international components.
19. Resilient Areas: Optimistic Progress Regardless of Challenges
Regardless of challenges, all 5 African areas exhibited constructive progress in 2022, with projected steady outlooks for 2023-24.
20. Sub-Saharan Africa’s Debt Challenges: 22 Nations at Excessive Threat of Debt Misery
Over time, Sub-Saharan Africa’s public debt has tripled, with 22 nations dealing with a excessive threat of exterior debt misery or already in debt misery.
“Do you know?” is a daily enterprise details column within the Enterprise Elites Africa Journal.
