Africa’s 50 most funded tech companies in 2018 raised a total of $618M

Africa’s 50 most funded tech companies in 2018 raised a total of $618M. This is according to the Digest Africa INDEX, an annual report that summarises Africa’s technology investment landscape set to be released today.

The report tracked 448 funding and M&A deals of which 344 were disclosed. These generated $1.2 billion in deal value with funding raised by tech companies contributing 57% of that.

However, the 50 most funded companies in 2018 – with $618 million – contributed 90% of the $684 million total funding.

According to the report, the most funded company on the list is Tanzania’s Zola Electric with $107.5 million.

When recording funding Pk Malinz, the Founder and CEO of Digest Africa said they include debt financing, grants/non-equity assistance, venture capital, angel investment, initial coin offerings, crowdfunding and corporate financing.

‘’For this particular list, we only included companies that raised at least $2 million in total funding. ‘’ Pk said in a blog post.

There were seven companies that raised $20 million plus with an aggregate total of $346 million. From $10 million to $20 million, there were 9 companies with an aggregate amount of $111 million.

SOURCE:  Africa Business Communities

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