The leading African tech moves from May 2023

by Digital Brainiacs
0 comment 3 minutes read

1. Funding: East Africa leads the way

In May 2023, African startups raised $621.8 million from 34 fully disclosed* raises. 

Compared to May 2022 where African startups raised $437.1 million, this shows a 42% year-on-year increase. The number is also a significant increase from April 2023 where the total amount raised was $129.8 million, a whopping 379% increase!

Per region, East African startups led the way with the majority of the funding—about $414.7 million representing 64.6% of the total funding. These figures are led by fintech M-Kopa’s $255 million raise, and Sun King’s recent $130 million raise. 

Image source: Timi Odueso/TechCabal

Per sector, the top from May 2023 are fintech, cleantech and mobility/logistics. Fintech leads with $442 million (68.9%), cleantech with $130 million (20.3%), and mobility/logistics with $39 million (6.1%).

Image source: Timi Odueso/TechCabal

The top 5 disclosed deals of the month are:

  1. Kenyan asset financing…

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