Startups in Africa raised a total of $2.2 billion in 2024, experiencing a 25% decline compared to 2023.
The countries leading the way in securing this capital are South Africa, Kenya, Nigeria, and Egypt. These four countries accounted for 84% of all startup investments on the continent.
Kenyan startups led Africa’s tech ecosystem, raising $638 million. In East Africa, Tanzania secured $51 million and Uganda raised $19 million in funding. Kenya played a central role in driving technology forward in the region.
In West Africa, Nigeria attracted the most funding, securing $410 million, making it the second-highest recipient of funds in Africa. Ghana raised $68 million, while Benin secured $50 million in investments.
In North Africa, Egypt was the top recipient, raising $400 million, making it the third-largest recipient on the continent. The total funds raised by North Africa amounted to $478 million.
South Africa, with $394 million in funding, ranked fourth in Africa. Despite being the dominant player in the Southern Africa region, South Africa saw a 36% decline in funding compared to the previous year, even though it accounted for 99.4% of the region’s total funding.
North Africa as a whole experienced a 35% drop in funds, largely driven by a 37% decline in Egypt’s funding, which had accounted for 84% of the region’s funds in the previous year.