In the first quarter (Q1) of 2024, Africa’s startup scene saw another year-on-year and quarter-on-quarter dip in investments – with a notable exception in the mobility and fintech sectors. A drop in funding According to Africa: The Big Deal, Q1 saw $466 million raised through $100k+ deals by 121 startups (excluding exits). This is a 27% decrease from the previous quarter and only half of the amount raised at the same time last year. Techpoint Africa’s analysis of data from Intelpoint notes a 62% drop in African tech startup funding compared
Last year, African startups raised $2.9 billion in deals worth $100,000 and above (excluding exits). Although this amounts to a 39% drop compared to 2022, the continent is showing signs of resilience. Shifting investor landscape In 2023, Techstars was the top investor with 56 deals, surpassing Launch Africa. Other key players included Founders Factory Africa, Ventures Platform, Norrsken, and Y Combinator. All but Norrsken did fewer deals in 2023 than in 2022. For example, YC added only 12 African startups to its 2023 cohorts, compared to 43 in 2022 and
