Nigeria captured 83.7% of Africa’s disclosed startup funding in August as 32 startups raised a total of $435.2 million.
The bulk of that capital went to just ten companies, with Nigeria’s Moove leading the pack after closing a $250 million Series C round. Other notable raises included Jumia’s $50 million, Yellow Card’s $40 million, and Terra Industries’ $18 million.
Egypt and South Africa followed at a distance, securing $36.2 million and $31.6 million respectively. Western Africa dominated regional funding, largely because of Nigeria’s outsized share.
Fintech attracted several large rounds, but logistics and transport took the biggest slice after Moove’s raise. Overall deal count fell from previous months, yet capital deployed rose sharply, showing investors’ growing focus on bigger, more established startups.
