Blockchain technology is taking Africa by storm, and the numbers speak for themselves. The African Blockchain Report 2022 by Crypto Valley VC shows that blockchain deals in Africa raised an impressive $474 million in funding in 2022 alone. This represents a remarkable 429% increase in African blockchain venture funding, far outpacing the global average increase of only 4%.
African blockchain funding growth outperformed general African venture funding by over 12.5 times year-on-year. In contrast, African venture funding increased by 34%, with $3.14 billion raised in 570 deals during the same period. The numbers clearly show that the African blockchain industry is booming, and investor confidence is soaring.
The Seychelles and South Africa were responsible for 81% of the blockchain venture funding in Africa, raising $208 million and $177 million, respectively. Even though the number of African blockchain deals increased by only 12% year-on-year, from 26 to 29, businesses are securing larger investments. This is an indication that investors are more confident in African blockchain ventures, and the median deal size has significantly risen.
Nigerian blockchain startups raised the highest number of deals in the continent in the past year, followed by South Africa, Seychelles, and Kenya. However, Nigeria only accounted for 3.4% of all African blockchain venture funding, with an average deal size of $1.25 million. The United States, Asia, and Europe saw funding increases of 0%, 50%, and 35%, respectively, with $15.2 billion, $4.74 billion, and $4.88 billion in funding.
African blockchain venture funding made up 1.77% of global blockchain venture funding, which saw a massive 407% year-on-year increase, with several countries contributing to the surge. In comparison, the US concluded 137 deals, while Asia and Europe had 84 and 78, respectively.
The exponential growth in African blockchain ventures points to a promising future for the industry in the region. As more businesses secure larger investments and investor confidence grows, African blockchain ventures are poised for continued success and innovation. Nigeria leads the way in the number of blockchain startups receiving funding, and with this level of investment, the future looks bright for African blockchain ventures.
Subheadings:
- African Blockchain Funding: A Whopping 429% Increase in 2022
- African Blockchain Funding Outperforms General Venture Funding by Over 12.5 Times
- Seychelles and South Africa Lead African Blockchain Venture Funding
- Nigerian Blockchain Startups Raise the Highest Number of Deals
- African Blockchain Venture Funding Makes Up 1.77% of Global Blockchain Funding
- The Promising Future of African Blockchain Ventures
