African Startups Raise $180 Million in November 2024
As we do every month, we're referencing the statistics from the Africa: The Big Deal report to get an idea of the fundraising activity of African startups. In November 2024, 32 African startups collectively raised $180 million in funding, excluding exits.
Among the most notable operations of the month, we can mention the support of the International Finance Corporation to Sun King in Nigeria, for an amount of $80 million, which represents 44% of the total funds raised last month.
We can also cite the Kenyan internet service provider Mawingu, which secured $15 million in debt and equity to support its expansion in East Africa. Additionally, the Ivorian fintech company Djamo raised $13 million in a Series B funding round. Together, these major operations represented two-thirds of the total funding for November. Startups from Kenya and Nigeria dominated the funding landscape, attracting 76% of the funds raised during the month.
In terms of exits, there was the acquisition of Egyptian construction technology company Elmawkaa by Saudi proptech company Ayen, as well as the merger of energy-focused companies SteamaCo and Shyft Power Solutions.
So far in 2024, African startups have collectively raised $1.86 billion. This amount breaks down into equity (1.2 billion, or 64%), debt (635 million, or 34%), and grants (33 million, or 2%). While there is optimism about surpassing the $2 billion mark by the end of the year, the amount will still be lower than the $2.9 billion collected in 2023. Growth is no longer enough; profitability is also needed.
