Top 10 African Tech Startups With The Highest Funding in 2024
In 2024, African startups made remarkable progress, securing significant funding to propel their growth and expansion. These achievements came despite navigating restrictive legislative environments in many countries, which often create hurdles for emerging ventures.
The funding ecosystem in Africa has undergone a transformation, with venture capitalists increasingly investing in innovative companies and crowdfunding platforms enabling widespread individual contributions. Notably, two startups achieved unicorn status in 2024. Moniepoint surpassed a $1 billion valuation in late October after completing its Series C funding round, while Tyme raised $250 million in December, elevating its valuation to $1.5 billion.
Overall, the top 10 startups accounted for 51% of the total funding in 2024, the largest proportion since 2019. These ventures spanned various sectors, including digital banking, transportation, electric vehicles, and renewable energy.
Top 10 African Startups by Funding in 2024
| Startup | Industry | Funding Details | Location/Country |
|---|---|---|---|
| Tyme | Digital Banking | Raised $250M in Series D, reaching a $1.5B valuation. | Singapore, South Africa, Philippines |
| Moniepoint | Fintech (SMBs) | Secured $110M in Series C funding, reaching a $1B valuation. | Nigeria |
| MNT-Halan | Fintech | Secured $157.5M in 2024, totaling $677.5M over two years. | Egypt |
| M-Kopa | Fintech (Financial Access) | Received $51M in loans to enhance digital connectivity. | Kenya |
| d.light | Solar Solutions | Raised $176M securitization facility and $186.4M total in 2024. | Kenya, Tanzania, Uganda, Nigeria |
| Sun King | Off-Grid Solar Energy | Received $80M from IFC and $7M debt funding from Lendable. | Kenya, Nigeria |
| BasiGo | Electric Vehicles | Raised $42M to deliver 1,000 electric buses to East Africa. | Kenya |
| Spiro | Sustainable Transportation | Secured $50M in debt financing from Afreximbank. | Cameroon, Morocco |
| Moove | Mobility Fintech | Raised $100M in Series B funding, reaching a $750M valuation. | Nigeria |
| Nuitée | Travel Tech | Raised $48M in Series A to expand travel tech offerings. | Global |
Dominance of the Big Four Markets
The “Big Four” markets—Nigeria, Egypt, South Africa, and Kenya—continued to dominate Africa’s startup funding landscape. In 2024, 86% of the 42 ventures that raised $10 million or more were based in these countries. Moreover, eight of the top 10 startups hailed from these markets, accounting for 84% of the continent’s total funding.
This growth underscores the resilience and innovation of African startups, as well as the increasing interest of investors in the continent’s burgeoning entrepreneurial ecosystem. By overcoming challenges and leveraging opportunities, these ventures are poised to make an enduring impact across various industries.
Source: Business Insider
