Startup funding across Africa suffered a tough blow amid the economic downturn and funding drought in 2023. Africa startup funding experienced a significant year-on-year decline of 46% (Partech, 2023). Despite the drought, Ghanaian startups managed to raise $65 million, representing a 69% decline from the 2022 total investment of $209 million.
2023 witnessed four $10 million+ deals. The biggest deals were by two agritech companies. Koa, the cocoa upcycling company, and Degas, the agri-fintech, both raised $15 million for their Series B and Series A funding rounds, respectively. Complete Farmer also closed a $10.4 million pre-Series A round to connect farmers to global buyers. Jetstream, the digital logistics platform, completes the list of top deals. The company closed $13 million for its pre-Series A funding round.
But which investors signed the most cheques? Based on data from the 2023 Ghana Startup and Innovation Ecosystem Report, we delve into their profiles, the sectors they invested in, and the portfolio companies they invested in
- Techstars
About: Techstars is the most active pre-seed investor in the world having invested through its accelerators in more than 3,700 companies. Founded in 2006, Techstars believes that entrepreneurs create a better future for everyone and great ideas can come from anywhere.
Sector of interest: Sector agnostic, including healthtech, fintech, web3 and cleantech.
Funding stage: Preseed to Growth-stage
Ticket size: $20,000 equity investment for the right to 6% in common shares, and an optional $100,000 convertible note
Recent investees: Ayagigs, PayAngel, Brolly, Swoove, Ladder Africa, Seso Global, One Plan, BezoMoney.
- KFW DEG
About: DEG Impulse’s develoPPP Ventures is aimed at young companies, whose innovative business model improves living conditions in a developing or emerging country and who are planning to scale up.
Sector of interest: Startups with innovative business models that contribute to sustainable local economic, ecological and social development.
Funding stage: Revenue generating companies that have raised less than €2 million in funding.
Ticket size: Matching grant of up to €100,000 (and a top-up for successful Ventures in a potential second phase).
Recent investees: Built Accounting, Grow For Me, InstantRad, HJA Africa, Kola Market, Legendary Foods Africa, Nelplast Eco
- MEST Africa
About: The Meltwater Entrepreneurial School of Technology is an Africa-wide technology entrepreneur training program, seed fund, and incubator. Founded in Ghana in 2008, MEST provides critical skills training, funding, and support in software development, business, and communications to Africa’s tech entrepreneurs.
Sector of interest: Sector agnostic including ecommerce, agritech, fintech, healthtech and AI.
Funding stage: Idea stage
Ticket size: up to $100,000 equity investment
Recent investees: BoostMate, Nere, Dobande Technologies, Medford, Waffles AI
- Kosmos Innovation Centre
About: Kosmos Innovation Center(KIC) is a non-profit that invests in young entrepreneurs and small businesses. We empower entrepreneurs to turn their ideas into viable, self-sustaining businesses and we work alongside promising small businesses to help them scale and reach their full potential.
Sector of interest: Agritech and Foodtech
Funding stage: Preseed stage
Ticket size: up to $50,000
Recent investees: Kodu Technology, Agro Empire, Aquamet, Sagrisalma
- Microtraction
About: Microtraction is an early-stage VC firm that provides pre-seed and seed capital to technology entrepreneurs at the earliest stages of their venture. Our mission is to accelerate Africa’s economic growth by enabling innovation and supporting technology entrepreneurs.
Sector of interest: Sector agnostic and heavily biassed towards smart, relentlessly resourceful founders who are building high growth, technology driven businesses in billion dollar markets.
Funding stage: Pre-seed
Ticket size: $100,000 for 7% equity
Recent investees: Zuberi, Aya Data
- Telecel Africa Startup Initiative Program
About: Africa Startup Initiative Program (ASIP) is a program launched by Telecel Group as part of CSR activities. ASIP contributes in a meaningful way to the African community to help the young Startups whose innovative ideas are creating a difference in their communities.
Sector of interest: Next generation African startups disrupting industry sectors including FinTech, InsureTech, AgriTech, eCommerce, Digital Health, and CleanTech
Funding stage: Preseed
Ticket size: €15,000 equity investment
Recent investees: BD Waste, Chestify AI
- Google for Startups Black Founders Fund
About: The Google for Startups Black Founders Fund helps black-led startups in Africa, Brazil, Europe, and the United States secure funding, strengthen communities, and create generational change. In addition to equity-free cash awards, Black Founders Fund recipients receive mentorship, Google cloud credits, and product support to help them navigate every stage of their startup journey.
Sector of interest: Tech-driven scalable product or service with a significant total addressable market and defensible growth model.
Funding stage: Between preseed and Series A
Ticket size: Up to $150,000 in equity-free cash
Recent investees: Bezos Money, Thalamus Health
- Wangara Green Ventures
About: Wangara Green Ventures is an impact investment company that invests in green small and growing businesses (SGBs). Wangara also supports the growth and sustainability of these SGBs by making available pre-investment and post-investment Technical Assistance Grants to assist their scale and overall Environmental, Social and Governance impact.
Sector of interest: Renewable energy, energy efficiency, waste management, water management, climate-smart agriculture or generally climate-friendly businesses.
Funding stage: Preseed to Growth stage
Ticket size: $50,000 to $500,000 in equity and quasi-equity investment
Recent investees: Kofa Technologies, NorthLite Solar
- GoodSoil VC
About: GoodSoil is a venture capital firm that partners with founders to build global, market-defying companies. We fund diverse teams across Sub-Saharan Africa and Europe. With expertise building businesses in both regions, our team believes these communities are at the forefront of innovation and industry disruption.
Sector of interest: Highly passionate and motivated teams building companies in the mobile, internet, software and fintech sectors.
Funding stage: Preseed and seed stage
Ticket size: £50,000 – £250,000
Recent investees: WeWire Africa
- AV Ventures
About: AV Ventures is ACDI/VOCA’s for-profit subsidiary. AV Ventures provides innovative, catalytic financing to agribusiness small and medium enterprises in West Africa and Central Asia.
Sector of interest: Food and agriculture
Funding stage: Early stage
Ticket size: : $200,000 to $1 million
Recent investees: AgroInnova
- Injaro Investment
About: Injaro Ghana Venture Capital Ltd is a GHS 216 million multi-sector fund that invests in ‘best-in-class’ companies in Ghana and Ivory Coast. IGVCF invests a combination of debt, equity or quasi-equity instruments.
Sector of interest: Food and Agribusiness, Education, Healthcare, Inclusive Financial Services and Industrial Services
Funding stage: Growth stage (profitable SMEs generating ≥ GHS 20 million revenue)
Ticket size: GHS 10 million – 15 million
Recent Ghanaian investees: Zeepay
About the Author
Staff Reporter
Staff writer at Ghana Innovation Journal covering innovation, technology and entrepreneurship across Ghana and Africa.