African startups have collectively raised $466 million in the first quarter of 2024, according to a report released yesterday by Africa the Big Deal. Compared to the same period in 2023, this marks a decline of 47%. The source specified that its analysis only includes transactions exceeding $100,000 and excludes investor exit operations when calculating the financing value.

Of the total, $332 million was in the form of equity, while the remainder was secured through debt financing. By sector, the transport and logistics sector claimed 32% of the total funding, significantly boosted by the Nigerian startup Moove's $110 million raise via a Series B round ($100 million from Uber and a $10 million loan from Stride Ventures). Following are fintech (23%), agrifoodtech (11%), energy (11%), and health (10%).

Besides Moove, the other two largest deals were closed by Kenyan startups: the electric mobility firm Roam with $24 million, and the healthtech venture Hewatele, securing $20 million.

By country, Nigeria came first with $160 million (35% of the total), followed by Kenya (24%), South Africa (16%), and Egypt (12%). Collectively, these four major hubs, often referred to as the "Big Four" of the African tech ecosystem, accounted for 87% of the continent's funding activity over the period under review.