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In 2022, the Southern Africa territory was affected by South Africa’s financing setback


One of the “Big 4” economies of the African continent, South Africa, experienced a funding setback in 2022 as a result of the year’s enticing fundraising climate.

Data from Africa: The Big Deal shows that funding raised in the nation decreased by almost -50% YoY, from $1.1 billion in 2021 to $555 million in 2022. The number of deals over $100k or more likewise decreased -14% YoY.

Given the Big Four’s large proportion of regional funding (over 90% since 2020), the country’s overall loss in investor deals caused a reduction in the entire funding volume in Southern Africa.But even in 2022, with a 95% share of regional funding, the nation continued to dominate. Funding for Zambia and Namibia was 40 times smaller (around $15 million). Only three $100k+ sales were registered in Zimbabwe (down from six in 2021), while one each were recorded in Botswana and Mozambique. In 2022, no trade above $100,000 was registered in four of the region’s countries.

The $100 million top-up to MFS Africa’s Series C and the $90 million Series C of Clickatell were the two biggest 2022 deals in the nation.

Southern Africa’s below-average performance is closely related to South Africa’s because in 2022, less than $600 million was raised. The region had been placed second in 2021, but is currently ranked fourth, considerably behind the other three major regions.

Its percentage of funding for the continent decreased from 23% in 2021 to 12% in 2022. (-11pp). It is concerning that all other regions saw double-digit growth in this area, yet it is the only one where the number of $100k+ agreements reported in 2022 was fewer than in 2021 (131 vs. 160, -18% YoY).



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