The lingering effect of the global capital shortage has made 2024, a tough year for African tech startup funding.
According to statistical reports, African startups raised $780 million in fundingIt in Q1 2024.
As at November 2024, 32 African startups had raised $180 million in venture funding.
The most funded African startup in 2024 is Moove, with $100 million .
Here are the 10 biggest rounds from 2024.
1. MNT-Halan (July )
Egyptian fintech company with digital ecosystem including small and micro business lending, payments, consumer finance, and e-commerce.
Founded :2018
Funding : US$157.5 million to support its imminent geographical expansion.
2. Moniepoint ( October)
Nigerian all-in-one financial ecosystem, helping 10 million businesses and individuals access seamless payments, banking, credit, and business management tools.
Founded: 2015
Funding: US$110 million Series C equity funding to accelerate its growth across Africa.
3. Moove (March)
African mobility fintech that offers vehicle financing to ride-hailing and delivery app drivers.
Founded: 2020
Funding: US$100 million for expansion into new markets.
Investors: Uber and sovereign wealth fund Mubadala.
4. NALA (July)
Tanzanian fintech startup that enables users to make secure and reliable payments from Europe, the UK and US to Tanzania, Kenya, Rwanda, Uganda and Ghana.
Founded: 2017
Funding: US$40 million to fuel its international expansion and launch its own payment rails for Africa and beyond.
Investors: Acrew Capital, DST Global, Norrsken22, and HOF Capital.
5. Yellow Card ( October)
Nigerian, pan-African fintech startup, the largest and first licensed Stablecoin on/off ramp on the African continent.
Founded : 2019
Funding: USD 33 million in Series C funding to drive global expansion and strategic initiatives.
Investors: Blockchain Capital, Polychain Capital, Third Prime Ventures, Castle Island Ventures, Block, Inc., Galaxy Ventures, Blockchain Coinvestors, Hutt Capital, and Winklevoss Capital.
6. SunCulture (April)
Kenyan provider of solar-powered irrigation solutions and agricultural technology to smallholder farmers.
Founded: 2013
Funding : US$27.5 million Series B round, to fuel its growth and build new products.
Investors :Reed Hastings, InfraCo Africa Limited, Acumen Fund, The Schmidt Family Foundation, EDF Group, Equator, and the Acumen Resilience Agriculture Fund (ARAF).
7. Roam (February)
Kenyan electric mobility startup and the leading provider of electric vehicles designed and manufactured locally.
Founded: 2017
Funding: US$24 million in debt and equity funding to help accelerate its expansion across Africa.
8. Paymob (September)
Egyptian fintech startup, an infrastructure technology enabler providing payment solutions to empower digital financial service providers through mobile wallet technology.
Founded: 2015
Funding: US$22 million to pursue its growth strategy at home and in the wider MENA region.
Investors: Venture Capital with participation from Endeavor Catalyst, PayPal Ventures, BII, FMO, A15, Nclude and Helios Digital Ventures
9. Pula ( April)
Kenyan agricultural insurance and technology company that designs and delivers innovative agricultural insurance and digital products to help smallholder farmers endure climate risks, improve their farming practices and bolster their incomes.
Founded: 2015
Funding: US$20 million Series B round, to help smallholder farmers in emerging markets gain access to insurance against climate-related events.
10. OneOrder ( May)
Egyptian startup offering the food and beverage industry a reliable, timely supply of quality goods with embedded financing, at a consistent price through its user-friendly application.
Founded February 2022
Funding: US$16 million Series A equity and debt round of funding, to expand into the GCC region.
Investors: Delivery Hero Ventures, with participation from Norrsken22, Nclude and A15.
