African Startups Investments Have Now Surpassed The $1 billion Mark Amidst Record-Breaking July 2024
In an unprecedented surge, African startups have secured $1 billion in funding as July marks a record-breaking month for investment in the continent’s burgeoning tech scene. This milestone highlights the growing confidence of global investors in Africa’s potential for innovation and growth.
As reported last week, the African startup ecosystem closed H1 2024 with just under $800 million raised, excluding exits. It was only a matter of time before the ecosystem crossed the $1 billion mark, but this milestone was reached sooner than anticipated. Thanks to two significant deals announced since mid-July d.light’s new $176 million securitization facility and MNT-Halan’s $157.5 million raise for expansion the total fundraising amount for African startups has seen a substantial boost.
Adding NALA’s $40 million Series A from earlier this month and other smaller deals, the fundraising tally is nearing $400 million for July 2024. This makes it the most successful month in terms of fundraising in Africa in over a year, surpassing the total amount raised in Q2 2024.
While the investment pace has not yet fully matched the momentum of the past three years when the $1 billion mark was reached in May 2021, April 2023, and as early as February 2022 this recent surge is encouraging. It suggests that 2024 might ultimately deliver stronger results than 2019 and 2020, the years to which it is often compared. In those years, the $1 billion mark was only reached in November.
Source: Africa: The Big Deal
