Top 10 Investors Driving African Tech Growth in H1 2024
Despite a global slowdown in startup funding, Africa’s tech ecosystem continues to show resilience. By the first half of 2024, African startups raised over $1.1 billion, while new funds injected $1.67 billion into the continent.
According to Africa: The Big Deal, five key investors completed at least one deal per month on average, leading the charge for African tech growth. Here are the top 10 investors ranked by the number of deals closed in H1 2024:
- Launch Africa Ventures: Headquartered in Mauritius, Launch Africa Ventures leads the list with nearly a deal every other week in H1 2024. With a portfolio of 133 deals across 22 countries, worth a total of $36.3 million, they are on track to match or surpass their 2023 tally of 19 deals.
- Techstars: After closing a record 56 deals in 2023, Techstars slowed down slightly in 2024, securing 9 deals in H1. This global accelerator remains influential, offering African startups a three-month, mentorship-driven program and a $120K investment along with lifetime access to their extensive network.
- 54 Collective (formerly Founders Factory Africa): Rebranded in 2024, 54 Collective continues to drive innovation in African tech with 7 deals in H1, focusing on scalable solutions in fintech and healthcare.
- Catalyst Fund: Known for investing in inclusive fintech and climate solutions, Catalyst Fund made 7 investments in H1 2024, with a target to match their 13 deals from the previous year. Since 2015, they have invested in 81 companies across 19 markets.
- Renew Capital: With 7 deals in H1 2024, Renew Capital has already surpassed its 2023 total. Their focus on early-stage investments is fueling economic growth in underdeveloped African markets.
- DFC (U.S. International Development Finance Corporation): DFC closed 5 deals in H1 2024, already surpassing its 2023 total. They are a vital player in Africa’s tech landscape, investing in ventures with significant social impact.
- Baobab Network: Surpassing their 2023 performance, Baobab Network made 5 deals in H1 2024. They focus on early-stage tech startups, particularly in fintech, healthtech, and edtech, providing both capital and hands-on support.
- Y Combinator: Though quieter in H1 2024, Y Combinator remains influential in Africa, likely to match its 12 investments from 2023. Their accelerator program has helped several African startups rise to global prominence.
- Ventures Platform: Although Ventures Platform had fewer than 5 deals in H1 2024, it remains a critical player in early-stage African tech investments, particularly in fintech and digital infrastructure.
- Flat6Labs: Despite a slower start in 2024, Flat6Labs is raising new funds and preparing for more activity in the latter half of the year. Known for their work in North Africa, they focus on scalable solutions and run accelerator programs connecting startups with mentorship and investment.
These top investors are helping to drive the continued growth of Africa’s tech ecosystem, despite global headwinds.
Source: Star
