From 2015 – 2020, startup funding to African companies grew 6 times faster than the global average. In 2023, however, the spigot is drying as interest rates rise globally. I started putting together this list to track this. Drop me a line if you have any feedback.
- Dash, a Ghanaian fintech company connecting mobile money wallets and bank accounts across Africa. Dash raised $86.1M in its five years of operations. Per TechCabal, it shut down because $25M was unaccounted for. Link
- Sendy, Kenyan logistics startup that enabled retailers to purchase FMCGs directly from manufacturers, among other services. Sendy entered into administration after “facing financial difficulties”. Sendy raised $26.5M since its 2014 founding. Link
- 54Gene, a genomics startup that provides genomic information on Africans to improve drug discovery. 54Gene raised $45 since founding in 2019, and shut down because it “could not continue to operate financially”. Link