According to the ‘Africa: The Big Deal’ report, startups in Africa secured over $77 million in funding in January 2024. Despite being the second-lowest month since early 2021 in terms of fundraising, the report identified 38 deals worth over $100,000 each. Three significant deals accounted for 38% of the total amount raised, including Yodawy ($10 million), Apollo Agriculture ($10 million), and Hatch Africa ($9.5 million).
Equity funding constituted 74% of the total funding, while debt financing accounted for the remaining 26%, with notable transactions including Hatch Africa and Sun King. The report highlighted the dominance of the Agriculture & Food, Healthcare, and Fintech sectors, with Climate Tech-related deals contributing 21% of the total raised.
Egypt, Kenya, and Nigeria led in terms of the number of deals announced, with $24 million each raised by Egypt and Kenya, followed by South Africa ($7 million) and Nigeria ($5 million). The Big Four countries—Egypt, Kenya, Nigeria, and South Africa—accounted for 90% of the total funding, with 75% of all deals announced.
