African Startups Secure $180 Million in November 2024, Highlighting Resilience in Funding
According to Africa: The Big Deal, November 2024 saw 32 African startups announce a collective $180 million in funding (excluding exits).
This funding came in the form of debt ($122 million, 68%), equity ($55.5 million, 31%), and grants ($2.5 million, 1%). The largest deal accounted for 44% of the total, with the International Finance Corporation (IFC) providing $80 million in debt financing to Sun King in Nigeria. Other significant deals included $15 million raised by Kenya-based ISP Mawingu to expand its operations across East Africa and a $13 million Series B funding round by Ivorian fintech Djamo.
Geographically, Kenya and Nigeria dominated, receiving 76% of the total funding in November. Additionally, two exit announcements marked the month: the acquisition of Egyptian contech startup Elmawkaa by Saudi proptech Ayen, and the merger of SteamaCo with Shyft Power Solutions.
Year-to-date, African startups have raised $1.86 billion in funding, divided among equity ($1.2 billion, 64%), debt ($635 million, 34%), and grants ($33 million, 2%). However, the total is likely to fall short of the $2.9 billion raised in 2023, with the $2 billion mark projected as a possible but ambitious milestone.
The year’s funding highlights reflect both the challenges and opportunities in Africa’s startup ecosystem, with resilience evident in key sectors and regions despite the overall decline in activity compared to 2023.
