Kenya solidified its position as Africa’s top destination for startup funding in 2024, attracting $638 million, according to Africa: The Big Deal’s annual report.
This marked the second consecutive year that Kenya surpassed Nigeria in startup funding, accounting for 88% of East Africa’s $725 million total. East Africa emerged as the leading region, contributing 33% of Africa’s $2.2 billion funding pool.
Kenya’s dominance was driven by substantial investments in climate tech ventures such as d.light, SunCulture, and electric vehicle startup BasiGo. These deals underscored the country’s appeal to investors prioritizing sustainable and impactful technologies.
Despite an 18% year-over-year decline in East African funding, Kenya maintained its lead with consistent high-value deals.
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In comparison, Nigerian startups raised over $400 million in 2024, a performance in line with the previous year. Major contributors included Moove’s $110 million Series B round and Moniepoint’s $110 million Series C round, which helped Nigeria account for 70% of West Africa’s $587 million funding.
However, Nigeria’s struggles with structural and economic challenges, such as currency volatility and policy inconsistencies, have dampened investor confidence.
West Africa retained its second position, showcasing regional diversity with contributions from Ghana, Benin, Côte d’Ivoire, and Senegal.
North Africa experienced a sharp decline, with funding dropping 35% to $478 million, primarily due to Egypt’s 37% year-over-year decrease.
Similarly, Southern Africa’s funding fell by 36%, with South Africa accounting for nearly all of the region’s $397 million.
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The Big Four—Kenya, Nigeria, Egypt, and South Africa—continued to dominate, attracting 84% of Africa’s total funding. However, emerging markets such as Morocco, Ghana, and Benin are gaining momentum, hinting at a broader shift in Africa’s startup funding dynamics.
