Kenya displaces Nigeria as top African tech startup funding destination.
The first half (H1) of 2024 marked the quietest period for startups in Africa since the post pandemic in 2020.
According to the comprehensive data collected by The Big Deal, an African tech funding tracker, African startups raised a total of $780 million exc. exits), representing a 31% drop compared to H2 2023, and 57% drop compared to H1 2023. This highlights a significant drop in venture capital activity in the region.

Over the last couple of months, we have observed a significant change in the funding environment putting pressure on startups and investors alike. Many startups have needed to shut down, while many have been forced to take write-downs on their valuations and make deep cuts to their teams.
Let’s take a comprehensive look at the current funding landscape, key trends and statistics.
Kenya displaces Nigeria as top African tech startup funding destination

As usual, the big four countries (Nigeria, Kenya, Egypt and South Africa) continue to take the biggest chunk of the pie.
H1 2024, Kenya was the choicest destination for funding as it led with $244 million, equivalent to 32% of the total funding. Nigeria came second with a total of $172 million – representing 23% of the total.
Egypt secured $101 million – representing 13% of the total funding. South Africa rounded off the big four with a total of $85 million in funding, representing 11% of the total.
The big four raised $602 million of the total $780 million raised in the continent between January to June 2024. This represents 79% of the total funding.
Other countries that attracted more than $10 million in funding include Benin Republic with a total of $50 million. Ghana with a total of $29 million. Uganda with a total of $19 million. Morocco with a total of $14 million. Senegal with a total of $11 million.
Mobility Tech took the lead with FinTech following suit

The Transport and Logistics sector has continued to edge financial technology, attracting $218 million. Which accounts to 28% of the total funding in H1 2024. This was bolstered by the funding secured by Moove and Spiro.
The Financial Technology sector retained a strong position with a total of $186 million raised, representing 24% of the total raised.
The Energy and Water sector raised a total of $132 million, representing 17% of the total.
Although FinTech came second, it stayed in the lead in terms of the number of startups $1 million or more during the period.
Mobility Tech overtaking FinTech indicates the growing investor interest in mobility innovations such as ride hailing, logistics solutions and electric vehicles.
Top 3 Startups that received Funding
Move is a Nigeria mobility startup that provides revenue-based vehicle financing and financial services. Co-founded by Jude Odunsi (Male) and Ladi Delano (Male). Move secured a total of $100 million equity plus $10 million debt. The company is currently valued $750 million.
M-Kopa has enabled millions to own a smartphone, with over 1 million accessing the internet for the first time through M-KOPA devices. M-Kopa secured a total of $51 million loan from DFC.
Spiro is the largest electric vehicle company in Africa. Spiro secured a total of $50 million debt facility from Afreximbank.
Male-led startups dominate H1 startup funding
Efforts to balance gender representation in African tech startup funding have yet to see significant success. In the first half of 2024, a staggering 85% of the funding went to startups with no female founders.
Furthermore, 92% of the funding was allocated to startups led by male CEOs. Overall, 98% of the funds went to companies with at least one male founder, while only 15% went to startups with at least one female founder. Only 8% funding went to startups with a female CEO.
As the year progresses, stakeholders will be closely watching to see if the second half of 2024 can reverse this downward trend and reignite investor interest in the continent’s innovative ventures.