An analysis of venture funding data from the third quarter by Launch Base Africa reveals that international Development Finance Institutions (DFIs) were among the most active investors in Africa’s tech startup ecosystem.
The quarter’s activity highlights a continued reliance on international capital, with strategic corporate investors and US-based accelerators also featuring prominently in the rankings.
Here is a breakdown of the most active investors from Q3, based on the number of deals they participated in.
Most Active Investors (3–4 Deals)
A group of international players closed three to four deals each, including a Norwegian DFI, a prominent US accelerator, a German pharmaceutical corporate, and a US-based early stage micro fund.
- British International Investment (4 Deals): British International Investment (BII), the UK’s development finance institution, participated in five investments, focusing heavily on Cleantech, Energy, and Agri-tech.
Investees: Sun King (Kenya), Ampersand (Rwanda), Odyssey Energy Solutions (USA/Africa), Babban Gona (Nigeria). - Norfund (Norway): 4 investments The Norwegian DFI also showed a strong focus on the energy and cleantech sectors.
Investees: Sun King (Kenya), MOPO (UK/Africa), MOPO (Africa — 2nd round), Mohinani Group (Ghana/Nigeria). - Y Combinator (USA): 4 investments The US-based accelerator continued its sector-agnostic investment strategy across the continent.
Investees: Cerebrium (South Africa), Munify (Egypt), Chowdeck (Nigeria), Rulebase (Nigeria/UK/USA). - Boehringer Ingelheim (Germany): 3 investments The German pharmaceutical company made three strategic investments, all exclusively within the Healthtech sector.
Investees: Kasha Global (Kenya), Reach52 (Pan-African), Dawa Mkononi (Tanzania). - Nubia Capital (USA/Nigeria): 4 investments
Investees: EATO (Ghana), PocketLawyers (Nigeria), Blueroomcare Business (Pan-African), Regxta (Nigeria)
Notable Investors (2 Deals Each)
A wide range of investors participated in two deals during the quarter. This group includes a mix of regional African funds, international venture capital firms, and corporate investment arms, indicating a broad base of interest in the market.
This group includes:
- AAIC Investment (Japan)
- All On (Nigeria)
- 4DX Ventures (USA/Ghana)
- Camel Ventures (Egypt)
- Catalyst Fund (USA)
- Digital Africa (France)
- E Squared Investments (South Africa)
- Gather Ventures (USA)
- HAVAÍC (South Africa)
- Knife Capital (South Africa)
- Mirova (France)
- Morgan Stanley (USA)
- Newfund (USA/France)
- Novastar Ventures (UK)
- Seedstars (Switzerland)
- Sony Innovation Fund: Africa (Japan)
- TLcom Capital (Nigeria)
- Yango Ventures (China)
Key Trends from the Data
The Q3 activity reveals several distinct patterns in the African investment landscape.
- Dominance of International Capital: The most active investors are predominantly based outside the African continent, particularly in Europe (BII, Norfund, Boehringer Ingelheim) and the USA (Y Combinator, Catalyst Fund).
- DFIs Lead in Key Sectors: Development Finance Institutions were significant players. The high activity from BII and Norfund underscores their role in funding capital-intensive sectors like Cleantech and Energy, as seen in their mutual investments in Sun King and MOPO.
- Clear Corporate & Strategic Focus: Some investors demonstrated a narrow strategic alignment. Boehringer Ingelheim, for instance, invested exclusively in Healthtech startups (Kasha, Reach52, Dawa Mkononi), aligning with its core pharmaceutical business.
- Broad Mandates: In contrast, firms like Y Combinator maintained a wide-ranging, sector-agnostic approach, backing startups in diverse fields such as AI (Cerebrium), Fintech (Munify), and Logistics (Chowdeck).
Further reading: