Despite the harsh financial climate that came as a result of the COVID-19 pandemic, the startup ecosystem seems to be picking up and getting back on the road. Atleast, the details from a Disrupt Africa report indicate that a sum of not less than 15 Ugandan startups raised US$69,314,000, a figure that grew 964.3 per cent from the US$6,512,500 raised in 2021 by 11 ventures.
The distribution of these cuts across agri-tech, e-health, energy, tourism, transport, waste management, and fintech — which accounts for the majority of the fundraisers.
Noteable on the list is Asaak, which raised $30 million in a Pre-Series A round, which came in early in the year. Other neck-turners are Numida’s $12.3 million Pre-Series A and Tugende’s $10 million rounds which showed some significant venture interest in Ugandan growing firms.
Rocket Health’s $5 million and Xeno’s $2 million also don’t go without mention, with the former focusing largely on expanding its tele-health service provision across the central region; and the latter strategizing on personal investments and fiancial management.
List of Ugandan startups that raised capital in 2022
| Sector | Startup | Date | Amount (US$) | Stage |
| agri-tech | Inputi | October | Undisclosed | Undisclosed |
| agri-tech | AkelloBanker | October | Undisclosed | Undisclosed |
| e-health | Rocket Health | March | 5,000,000 | Series A |
| energy | Solerchil | August | 300,000 | Pre-seed |
| fintech | Asaak | January | 30,000,000 | Pre-Series A |
| fintech | Numida | September | 12,300,000 | Pre-Series A |
| fintech | Tugende | June + October | 10,000,000 | Pre-Series B/Series B |
| fintech | Xeno | June | 2,000,000 | Seed |
| fintech | Emata | June | 125,000 | Undisclosed |
| fintech | Zofi Cash | March | 71,000 | Undisclosed |
| fintech | ChapChap | February | Undisclosed | Undisclosed |
| fintech | Laboremus | April | Undisclosed | Undisclosed |
| tourism | TriPesa | June | Undisclosed | Pre-seed |
| transport | Easy Matatu | October | Undisclosed | Undisclosed |
| waste management | Ecomak Recyclers | March | 18,000 | Undisclosed |
Overall African startup funding in 2022
The startups that raised funding in 2022 were from 27 African countries, a rise from 24 registered in 2021 and 2020. This figure shows a growth in investors’ confidence in Africa, just as local investors get the ball rolling in new ecosystems.
In 2022, startups based in Egypt, Kenya, Nigeria and South Africa raised a combined US$2,692,607,000 – 80.8 per cent of the US$3,333,071,000 annual total. This percentage is far down from 2021, when the four countries’ share was 92.1 per cent.
If you add Ghana, Morocco and Tunisia; it takes the total of funded startups from the seven nations in 2022 to 558, raising US$2,971,803,000.
Seventy-five (75) startups from the other 20 African markets secured backing, with 15 coming from Uganda — as already indicated.
The record for largest round ever raised by an African tech startup was again beaten in 2022, with Nigerian fintech startup Flutterwave topping its own 2021 record with a US$250 million raise in February.
Standout amounts were also raised by Nigerian mobility fintech company Moove (US$181.8 million across five investments), Egyptian fintech platform MNT-Halan (US$150 million), Algerian super app Yassir (US$150 million), Kenyan retail-tech startup Wasoko (US$125 million), Tunisian AI startup InstaDeep (US$100 million), South African e-commerce company Clickatell (US$91 million), and Kenyan PAYG solar company M-KOPA (US$75 million).
The fintech sector continues to power Africa’s startup funding revolution. In all, 205 startups under the sector raised an extraordinary US$1,446,794,000.
