In November 2024, African startups raised $180M, with debt financing leading at 68%. Total funding for 2024 reached $1.86B, down from 2023’s $2.9B.
African startups secured $180 million in venture funding in November 2024, a 29.1% decrease from October’s $254 million, according to Africa the Big Deal. Despite the dip, November’s total exceeded September’s $138 million by 23.3%. Of the $180 million, 68% came through debt financing, led by Nigerian solar energy firm Sun King, which raised $80 million. Kenya’s ISP Mawingu raised $15 million, while Ivorian fintech startup Djamo secured $13 million.
Overall, African startups have raised $1.86 billion in 2024, with 64% in equity, 34% in debt, and 2% in grants. However, this year’s funding may fall short of 2023’s $2.9 billion, with projections aiming at $2 billion. Nigeria and Kenya remain dominant, accounting for 76% of November’s funding. Additionally, the African startup space saw two mergers and acquisitions in November: Egyptian ‘contech’ Elmawkaa was acquired by Saudi proptech Ayen, and SteamaCo merged with Shyft Power Solutions.
As of November, 425 African startups have raised $100,000 or more in 2024.
