π± Seed rounds dominate
Yet the average amount raised at seed is still low compared to other fundraising stages
Hello crypto friends, a new week, a new data deep dive! π«
A total of $12.83mill & $78.24mill was raised by African crypto startups at the pre-seed & seed stages respectively between Q1 2021 & Q1 2023.
Seed African crypto deals seem to have a relatively high max. This is due to Maraβs huge seed round of $23mill. In fact, if we are to remove this, the max raised at seed stage is $7.5mill and the average drops to $1.49mill.
Given that exchanges have dominated African crypto deals, it is also interesting to note that between Q1 2021 and Q1 2023 π°:
There were 11 deals for exchanges - 2 at pre-seed, 1 at pre-seed extension & 2 at seed
The average amount raised by exchanges (across all fundraising stages) was $13.68mill