Kenya and Nigeria emerged as leaders in African start-up funding last month, securing 76 percent of the total $180 million (Ksh23.27 billion) raised by 32 startups across the continent.
The two countries combined attracted $136.8 million (Ksh17.69 billion) in equity, debt, and grants, showing their dominance in the innovation landscape.
“November’s numbers are a testament to the resilience and innovation of African entrepreneurs,” stated Africa: The Big Deal, a leading American newsletter on startups. “Startups in Kenya and Nigeria dominated the landscape, attracting a staggering 76% of all funds raised.”
Key Deals of the Month
A major highlight was the International Finance Corporation’s (IFC) $80 million debt investment in Sun King, a Nigeria-based solar energy company. This deal alone accounted for 44 percent of the total funds raised, underscoring the growing global interest in sustainable energy solutions in Africa.
Kenya also made waves with its internet service provider, Mawingu, securing $15 million in debt and equity to expand its operations across East Africa. Meanwhile, Ivorian fintech company Djamo raised $13 million in a Series B funding round, one of the few late-stage investments on the continent this year.
These three standout deals represented two-thirds of all funding raised in November, further cementing Kenya and Nigeria’s positions as hubs of innovation and investment.
Strategic Exits
In addition to funding milestones, November also saw two notable exits. Egyptian construction tech firm Elmawkaa was acquired by Saudi-based Proptech Company Ayen, while SteamaCo merged with Shyft Power Solutions to address Africa’s energy challenges through a strategic partnership.
2024 Funding Trends
As of November 2024, African startups have collectively raised $1.86 billion, with a monthly average of $302 million. The funding is distributed across equity ($1.2 billion or 64 percent), debt ($635 million or 34 percent), and grants ($33 million or 2 percent).
While these figures reflect significant progress, they remain below the $2.9 billion raised in 2023, highlighting the need for continued support and investment in Africa’s vibrant start-up ecosystem.
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