African start-ups had a record-setting October, securing $254 million across 42 deals valued at $100,000 or more, according to Africa: The Big Deal.
The report, titled “Best October on record,” disclosed that October was the second-best month for funding this year after July and nearly 50 percent above the 12-month average. The month’s haul also represents the best October on record since 2019.
“One of the biggest headlines was Nigerian fintech Moniepoint, which raised $110 million in Series C funding, representing 43 percent of October’s total. With this round, Moniepoint is widely considered Africa’s latest unicorn—a title given to start-ups valued at $1 billion or more.
“However, the valuation of some of Moniepoint’s unicorn peers has been questioned, as their assessments are based on funding rounds that are now somewhat dated. Moniepoint’s round drew significant attention within the continent and beyond, underscoring Nigeria’s place as a fintech powerhouse in Africa,” it said.
The report further disclosed that October’s funding saw several other notable rounds, including electric bus service BasiGo, which closed a $42 million Series A round, and cryptocurrency exchange Yellow Card, raising $33 million in Series C funding, according to BusinessDay.
