Kenya has emerged as the top African country in startup funding for 2024, raising $437 million (Sh56.5 billion). This represents 31 percent of all funds raised across the continent, according to data from Africa: The Big Deal.
The country’s performance highlights its appeal to global investors, driven by its strategic location, fast internet speeds, and favorable policies.
Kenya has outperformed Egypt, which secured $373 million (Sh48.3 billion) in startup investments during the same period. Together, the two countries account for 58 percent of the total startup funding in Africa.
Nigeria and South Africa Fall Behind
Nigeria, once the leader in startup funding, raised only $218 million (Sh28.2 billion). This is a 15 percent share, slightly up from last year’s 14 percent. However, it is still a drop from its 35 percent average between 2019 and 2022.
South Africa recorded its lowest startup funding since 2019, with $125 million (Sh17.2 billion). This represents 9 percent of the continent’s total funding in 2024 so far.
“Africa: The Big Deal” noted, “This marks the highest share of funding on record for both countries since 2019.”
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Growth Across Other African Markets
The remaining 18 percent of startup investments were distributed across 23 African countries. Notable deals occurred in Tanzania, Ghana, Morocco, Uganda, and Rwanda.
Benin’s Spiro secured Sh6.5 billion, Tanzania’s Nala raised Sh5.2 billion, and Ghana’s Fido obtained Sh3.9 billion. These companies are now showing signs of maturity and growth.
Kenya’s startup ecosystem continues to thrive, cementing its place as a preferred destination for investors across Africa.