Africa start-ups raised US$923-million in over 170 deals in the first quarter of 2022, which lays a solid foundation for a record-breaking year ahead.

According to a report by CB Insights, titled the State of Venture, Africa has raised more than US$ 849 million, the total amount raised in 2020.

Big rounds such as Flutterwave’s US$250-million, Waskoko’s US$125-million raise, M-Kopa’s US$75-million raise and Moove Africa’s US$65-million among others have buoyed the increase of funding amounts for the region.

Another report by TechCabal Insights puts the number that African startups have raised in the first quarter of 2022 at US$1.5-billion.

“Fintech stays supreme, raising 30% of total funding raised in Q1 2022. Following Fintech closely are E-commerce and Logistics raising $200M and $142M respectively,” the report denoted.

Buy Now Pay Later (BNPL) segment is also attracting investments in the quarter, according to the report.

It stated: “BNPL (Buy Now Pay Later) is also fast becoming a choice sector. In Q1 2022, the sector raised over $102M in VC funding. In 2020, the Gross merchandise value (GMV) was estimated around $204M and is expected to reach $1,741.2M by 2028.”

These reports have emerged on the backdrop of a massive US$5.2-billion in capital raised by African start-ups in 2021 according to the African Private Equity and Venture Capital Association’s report (AVCA) released in April 2022.

“Looking beyond the headlines, this rapid surge in African unicorns highlights the speed of, and prospects for, continental growth. It also underscores the gradual maturation of the industry and a pace of investment acceleration being achieved nowhere else in the world,” the report said.