In February 2024, startups across Africa received a remarkable $217 million in investments, marking a significant surge of 182% from January’s $77 million.
The data comes from ‘Africa: The Big Deal’, a monitoring entity for startup deals on the continent. Notably, the increase in February includes Uber’s potential $100 million investment in Moove, a Nigerian mobility fintech, pending finalization.
The report by ‘Africa: The Big Deal’ reveals that 38 startups secured at least $100k each in equity, debt, or grants, maintaining the same number as in January. However, the total amount raised skyrocketed nearly threefold, with $156 million in equity and $59 million in debt. Moove’s investment contributes significantly, accounting for 51% of the total.
Overall, the funding levels in February 2024 parallel those of 2020 and 2021, indicating sustained growth in African startup investments.
Source: Nairametrics