According to a report by Africa: The Big Deal, Northern Africa got $1.1 billion, which was 23% of all the startup funding raised on the continent in 2022. This made it tied with Eastern Africa for third place on the continent.
Egypt dominated the region, accounting for three-quarters of all startup funding in Northern Africa, totaling $822 million, and two-thirds of the $100k+ deals, accounting for 154 out of 232. The country was one of just two “Big Four” African countries to have positive year-over-year funding growth, with a 37% increase.
Algeria and Tunisia were the only two countries in the region to claim investment in excess of $100 million, each owing to their first “mega contract.” Algeria raised $151 million as a result of Yassir’s $150 million Series B round announced in November, while Instadeep’s $100 million Series B round launched the year in Tunisia.
Morocco was the only market in the region to see a drop compared to 2021. In total, only $18 million was invested in Morocco, and there were no big deals.