Investors In African Startups Were Less Active In 2024

In 2024, African startups saw fewer investors financing deals of over $100,000. 850 startups received funding over $100,000 in 2021, but this number decreased to around 520 last year, according to findings from Africa: The Big Deal.

The report also found that investors are less active than before, as 28 were involved in over ten $100,000 deals in 2022, but this number dropped to 8 in 2024.

Who were the top investors in Africa in 2024?

54 Collective was the only investor participating in more than 20 $100,000 deals. The other top two investors who had previously made the list in 2023, 2022, and 2021 were Techstars and Launch Africa.

Catalyst Fund was also another top investor last year and in 2023. However, other than 54 Collective, they were all involved in fewer deals in 2024 than in 2023. However, Digital Africa, Baobab Network, Renew Capital, and EdVentures were among the top four investors and increased their activity in the past year, as per Africa: The Big Deal.

How much money was raised for African startups in 2024?

Africa’s startups raised $2.2 billion in equity, grants, and debt (excluding exits). The total of $2.2 billion was primarily driven by two significant deals by Nigeria’s Moniepoint and South Africa’s Tyme Group.

A gross of 188 ventures secured $1 million or greater (excluding exits) in funding, 10% less given in 2023 despite the 25% dip in 2024. Regarding the exit front, 22 exits were made public last year compared to 20 in 2023, according to Africa: The Big Deal.