The African startup ecosystem has experienced a significant shift in funding dynamics during the first quarter of 2024.
In Q1 2024, African startups raised at least $369 million across 64 publicly announced deals, marking a 51.36% decrease from the previous year.
Details
This decline is part of a global trend that has seen a reduction in venture capital flowing into tech ecosystems.
The mobility sector emerged as the frontrunner, largely due to Nigerian startup Moove’s $110 million raise through a Series B round.
The “Big Four” markets—Nigeria, Kenya, South Africa, and Egypt—continued to attract the lion’s share of funding, securing 91.22% of the total investments.
Digging Deeping
Early-stage funding dominated, with accelerators, pre-seed, and seed rounds accounting for 27 deals worth a combined $38.5 million.
The decrease in funding from the previous year poses challenges but also opens opportunities for startups to innovate and attract investment.
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