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African Startup Funding Surpasses $1 Billion in 2024, Two Months Later Than Last Year
African Startup Funding Hits $1 Billion in 2024: African start-up investment has surpassed the $1 billion mark in total funding raised.
The surge in funding for startups was driven by several large deals announced in mid-July.
This was revealed in a report by Africa: The Big Deal.
African Startup Funding Hits $1 Billion in 2024
One major deal is the $176 million securitization deal secured by D. Light and a $157.5 million funding round by Egyptian Fintech MNT-Halan aimed at fueling their expansion.
Including NALA’s $40 million Series A funding from earlier this month, along with other smaller transactions, the total amount raised in July nears $400 million.
July Tagged the Most Successful Month For Fundraising
This makes July 2024 the most successful month for fundraising in Africa in over a year, exceeding the total amount raised in Q2 2024.
The Africa the Big Deal report said, “We can now confidently say that the $1 billion in start-up investments for 2024 has been reached!
The ecosystem closed H1 2024 with just under $800 million raised (excluding exits), and it was only a matter of time until it crossed the $1 billion mark.”
Also Read: Global Investment in Fintech Drops 16% in Early 2024, Biggest Decrease in 7 Years
“Things happened a little faster than expected though thanks to two mega deals announced since the middle of the month.”
The record-breaking funding in July underscores a growing global confidence in the potential of African startups to deliver high returns.
Investors from the US, Europe, and Asia are increasingly participating in funding rounds, often in collaboration with African venture capital firms.
Conclusion
This trend is not only bringing much-needed capital but also providing access to global networks and expertise.
As the year progresses, the African start-up ecosystem is poised for further growth and investment, potentially setting new records and attracting even more global attention.
