African Startups Raise $306 Million in Q3 2024, a 40% Decrease from Last Year
According to a report by Disrupt Africa, African startups mobilized a total of $306 million in the third quarter of 2024. This amount represents a significant 40% decrease compared to the same period in 2023, reflecting a more unstable global economic context that has particularly affected investments in the tech sector on the continent.
Despite this global decline, certain companies such as Nala Payment and MNT-Halan (an Egyptian fintech) have managed to secure substantial funding, demonstrating resilience within the African startup ecosystem.
Over the entire year, young companies have accumulated $836 million, a significant decrease compared to the $1.4 billion obtained during the first nine months of 2023.
This downward trend can be explained by both the increased caution of international investors faced with global economic uncertainties and the specific challenges of emerging African markets, such as rising costs and political instability in certain regions.
