Venture funding in Africa experienced a decline in November 2024, with 32 startups across the continent raising $180 million during the month, according to a report by African venture funding analytics firm, Africa: The Big Deal.
This represents a 29.1% decline from the $254 million raised by 42 startups in October 2024, coming just after Q3 2024 which was the best quarter for African startups so far.
Out of the total $180 million raised in Africa in November 2024:
- $122 million, or 68%, came from debt financing, primarily driven by Nigerian solar energy company, Sun King, which secured $80 million in debt funding led by IFC. Sun King’s funding alone accounted for 44% of the total. Meanwhile,
- $55.5 million (31%) was raised through equity venture funding, and
- $2.5 million (1%) came from grants
There were three additional eight-figure deals. These included:
- Kenya-based ISP, Mawingu, which secured $15 million in debt and equity to support its expansion across East Africa, and
- Ivorian fintech, Djamo, which raised $13 million in a Series B round – only the seventh Series B announced this year, compared to 14 last year.
Combined, the four deals represent two thirds of the funding raised on the continent in November 2024, said the report.
Nigeria and Kenya continued to dominate the African venture funding landscape, collectively accounting for 76% of the $180 million raised across the continent in November 2024.
As 2024 nears its conclusion, African startups have collectively raised $1.86 billion as of November 2024. Of this total:
- $1.2 billion (64%) came from equity funding
- $635 million (34%) from debt financing, and
- $33 million (2%) from grants
“While we can hope the $2 billion mark will get crossed by the end of December 2024, it is now pretty clear that we will end the year significantly below the $2.9 billion raised in 2023,” noted the report author, Max Cuvellier.
Two ‘exits’ were also announced in November 2024:
- Egyptian ‘contech’ company, Elmawkaa was acquired by Saudi proptech firm Ayen, while
- SteamaCo and Shyft Power Solutions merged.
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