African Startups made significant strides in 2024, with many ventures successfully securing funding to drive their growth and expansion.
- African Startup ecosystem made significant progress in 2024
- Two African start-ups achieved ‘unicorn’ status with valuations of $1 billion or more
- 10 Startups accounted for 51% of the total funding in 2024
This progress was achieved despite the often restrictive legislative environments in several countries, which can pose challenges for Startups from the outset.
The funding landscape has evolved, with venture capitalists investing in innovative companies and crowdfunding platforms enabling contributions from a broad base of individuals.
African Startups see growth
Some African start-ups have grown so successful that they have attained “unicorn” status—a designation reserved for companies valued at $1 billion or more.
In 2024, two African start-ups achieved this milestone. Moniepoint surpassed a $1 billion valuation in late October, following the completion of its Series C funding round, as reported by sources familiar with the transaction.
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Shortly thereafter, in mid-December, Tyme raised $250 million in funding, elevating its valuation to $1.5 billion.
According to a recent report by Africa: The Big Deal, African Startups demonstrated remarkable resilience in 2024, despite a significant decline in investment.
The report reveals that African start-ups raised $2.2 billion in equity, grants, and exits.
Notably, 10 Startups accounted for 51% of the total funding in 2024, the largest proportion since 2019.
These start-ups spanned various sectors, including banking, transportation, electric vehicles, and renewable energy.
The following table lists the top 10 African start-ups that secured the most funding in 2024.
| Startup | Industry | Funding Details | Location/Country |
|---|---|---|---|
| Tyme | Digital Banking | Raised $250M in Series D, reaching a $1.5B valuation. | Singapore, South Africa, Philippines |
| Moniepoint | Fintech (SMBs) | Secured $110M in Series C funding, reaching a $1B valuation. | Nigeria |
| MNT-Halan | Fintech | Secured $157.5M in 2024, totaling $677.5M over two years. | Egypt |
| M-Kopa | Fintech (Financial Access) | Received $51M in loans to enhance digital connectivity in Kenya. | Kenya |
| d.light | Solar Solutions | Raised $176M securitization facility and additional funding totaling $186.4M in 2024. | Kenya, Tanzania, Uganda, Nigeria |
| Sun King | Off-Grid Solar Energy | Received $80M from IFC for Sun King Nigeria Limited and $7M debt funding from Lendable. | Kenya, Nigeria |
| BasiGo | Electric Vehicles | Raised $42M to deliver 1,000 electric buses to East Africa in 3 years. | Kenya |
| Spiro | Sustainable Transportation | Secured $50M in debt financing from Afreximbank to expand operations. | Cameroon, Morocco |
| Moove | Mobility Fintech | Raised $100M in Series B funding to expand EV financing to 16 markets by 2025, reaching a $750M valuation. | Nigeria |
| Nuitée | Travel Tech | Raised $48M in Series A to expand travel tech offerings. | Global |
In 2024, 86% of the 42 ventures that raised $10 million or more were based in the Big Four markets—Nigeria, Egypt, South Africa, and Kenya.
Additionally, eight of the top 10 startups were also located in these countries. These four nations accounted for 84% of Africa’s total startup funding that year.
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Kenya led with $638 million, representing 88% of East Africa’s total funding of $725 million, making it the top funding recipient for the second consecutive year.
Nigeria followed closely with $410 million, nearly 70% of West Africa’s $587 million. Egypt raised $400 million, despite a 22% decline in North Africa’s overall funding, which totaled $478 million.
South Africa secured $394 million, contributing to an 18% decrease in the region’s total funding, which amounted to $397 million
