African Startups Achieve Record-Breaking October with $254M in Funding
According to a recent report by Africa:The Big Deal, October 2024 marked a historic milestone for African startups, raising over $254 million across 42 companies through equity, debt, and grant deals exceeding $100k. This funding total stands as the best October on record since 2019 and the second-highest month this year, following July, with nearly a 50% increase over the 12-month average.
Nigerian fintech Moniepoint led the month’s funding activity with a $110 million Series C, capturing 43% of the total and sparking buzz around its new unicorn status. Other major deals included BasiGo’s $42 million Series A and a $33 million Series C by cryptocurrency exchange Yellow Card. Nigerian startups dominated, receiving 60% of the month’s funding, with fintechs alone accounting for the same percentage.
Despite these impressive numbers, diversity remains a concern. A full 98% of October’s funding went to startups led by male CEOs, with 97% invested in ventures without female founders, underlining a gender gap in the ecosystem.
In total, African startups have raised $1.7 billion in 2024 so far, down 32% year-over-year, with this milestone reached nearly five months earlier in 2023. The number of startups securing $100k or more fell by 10% YoY, while those raising $1 million or more dropped by 20%. With November underway, the jacarandas are in bloom, and hopes are high for another robust month in Africa’s startup scene.
