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African Tech Fundraising Declines by 57% in H1 2024

Thursday, 04 July 2024 17:39
African Tech Fundraising Declines by 57% in H1 2024

(Ecofin Agency) - The downward trend in fundraising by African startups continues, though sectors like transportation, logistics, and fintech remain strong, with the "Big Four" maintaining their dominance on the continent.

Data released on July 4, by the specialized platform reveals that approximately $780 million flowed into African startups in the first half of 2024, marking a 57% drop compared to the same period in 2023. The first quarter saw the highest activity with $466 million raised, followed by $314 million in the second quarter.

Of the $780 million raised, $513 million came from equity investments, while $254 million was raised through debt financing. The remaining amount consisted of grants and donations.

1 startup

Geographically, the "Big Four" countries—Kenya, Egypt, Nigeria, and South Africa—captured 79% of the total funding. This marks a decline from the first half of 2023 when these countries accounted for 92% of total funds raised on the continent.

In detail, Kenya alone attracted one-third of all financing raised by June 2024, totaling $244 million, followed by Nigeria ($172 million), Egypt ($101 million), and South Africa ($85 million).

Other economies such as Benin ($50 million raised), Ghana ($29 million), Uganda ($19 million), Morocco ($14 million), and Senegal ($11 million) showed promising results during the semester.

Key sectors mirrored those of the first quarter: transportation, logistics, fintech, energy, and water. Notable fundraising efforts included $110 million raised by mobility fintech Moove in March, $51 million in loans secured by M-Kopa in May, and $50 million raised by mobility startup Spiro, also in May 2024.

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ECOFIN AGENCY offers a selection of articles translated from AGENCE ECOFIN. Founded in 2011, Agence Ecofin is a leader in Francophone Pan-African economic news, particularly in West and Central Africa. The agency publishes daily news on nine African economic sectors: Public Management, Finance, ICT, Agribusiness, Energy, Mining, Transport & Logistics, Communication, and Training.

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