Kenyan Startups Received The Most Funding In Africa In 2024

Startups in Africa raised $2.2 billion in 2024, with Kenyan startups receiving the most funding, according to Africa: The Big Deal. For the second year in a row, Kenya secured the most funding in Africa, raising $638 million, with 88% of the total amount raised in East Africa.

How much money was raised in Kenya and East Africa?

East Africa raised $725 million in total, equal to 1 in 3 dollars raised in Africa. Kenya received $638 million in funding on its own, which makes up 88% of the overall funding in East Africa. Most of these deals were in the climate tech space to companies like d.light, SunCulture, or Basigo.  Meanwhile, Tanzania raised $53 million, with Uganda following with $19 million received.

How much money was raised in West Africa?

Nigeria was the runner-up in 2024, securing a little over $400 million in funding. West Africa as a whole raised $587 million. Four of the seven countries that secured funding between $10 million and $100 million in 2024 were in West Africa. Ghana secured $ 68 million, followed by Benin, who raised $50 million, and $ 33 million was received in Côte d’Ivoire. Lastly, Senegal received $ 22 million of funding.

A decrease in funding

Whilst it was mainly good news for the continent, we’ve seen decreased funding across Africa. Funding in North Africa dropped by 35% between 2023 and 2024, even though Morocco secured $70 million. South Africa also experienced a loss, with a 36% decrease in funding from last year. A small number of deals were reported in Central Africa as the region received a total gross of $5 million, ten times more than they secured in the previous year.

The continent saw a 25% decrease in funding compared to last year. However, the decrease in funding from 2023 to 2024 can be linked to a decline in debt funding.