Africa’s 50 most funded tech companies in 2018 raised a total of $618M, report
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 on Thursday 9.
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.