One hundred African start-ups have already raised their first million

By Maureen Songne
Posted on Wednesday, 21 September 2022 11:18

With $400 million raised, the start-up OPay took the lead in 2021. A record that is still unmatched. ©OPay.

Over the past three years, the profile of start-ups on the continent that have reached this stage has been evolving, with investors sometimes showing interest from the moment the company is created.

African start-ups continue to break records. In the course of September, 100 of the continent’s start-ups reached the milestone of raising their first million dollars in funding, according to data compiled by the specialist newsletter Africa: The Big Deal.

This symbolic figure was reached even before the end of the summer, while for the whole of 2021, the number of start-ups that raised more than $1 million stood at 112. If the trend continues, the number of African start-ups reaching this target could rise to 150 by the end of the year.