July Breaks Fundraising Records for African Start-Ups in 2024
In an impressive report revealed by Africa: The Big Deal, the month of July has emerged as a landmark month for fundraising within the African start-up ecosystem in 2024, surpassing previous periods and setting new benchmarks.
The month saw a staggering $420 million raised, excluding exits, marking the highest monthly total in 14 months. This figure not only eclipsed the entire amount raised in Q2 but also amounted to 2.5 times the average monthly fundraising over the past year. During the month, 47 ventures successfully raised at least $100,000, making it the second-best month of the year in terms of the number of companies funded.
Among these 47 ventures, 16 secured over $1 million each, aligning with the monthly average seen in the first half of 2024. The impressive fundraising total for July was largely driven by two substantial deals: d.light’s $176 million securitization facility and MNT-Halan’s $157.5 million raise. NALA’s $40 million Series A round also played a significant role in the month’s success.
Together, these three deals accounted for 90% of the total funds raised, underscoring their importance in the overall ecosystem. Additionally, the month saw four exits, with the most notable being Quicket’s acquisition by Ticketmaster, although these exits were not included in the overall fundraising figures.
This exceptional performance has propelled the total funds raised by African start-ups in 2024 to $1.2 billion, surpassing the amount raised in 2020. With the year’s momentum, the ecosystem is now on the cusp of achieving the next major milestone: the $1.4 billion raised in 2019.
