Nigeria, despite a -29% decline YoY, remained the largest market by far in Africa terms of funding, with over 286 $100k+ deals  (+14% YoY ) during 2022 and an estimated $1.2 billion in funding, outperforming other countries in the region.

The West African country recorded two $100m+ ‘mega deals’ in 2022 – Flutterwave’s $250m Series D in February and Interswitch’s $110m round in May – compared to five in 2021.

READ: Africa's startup funding landscape by region in 2022

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