African tech startups, particularly in Nigeria, Kenya, and South Africa, secured $2.2 billion in funding in 2024 through equity, debt, and grants. This represents a 25% drop from the $2.9 billion raised in 2023, marking a challenging year due to a slow first half when only $800 million was raised the lowest since 2020. However, the second half saw a significant recovery, with $1.4 billion raised, driven by two major deals in Q4 from Nigeria’s Moniepoint and Tyme Group, both achieving unicorn status.
Tyme Group’s $250 million Series D round and Moniepoint’s Series C announcement were pivotal, making them Africa’s newest unicorns with valuations of $1.5 billion and over $1 billion, respectively. These deals highlight a resurgence in the ecosystem despite the ongoing “funding winter.” Notably, 188 ventures secured $1 million or more in 2024, a slight decrease from 2023. Additionally, the year saw 22 publicized exits compared to 20 in the previous year.
Africa’s unicorn list continues to grow, featuring early pioneers like Jumia and Interswitch. Jumia, once valued at $5 billion post-IPO in 2019, now hovers around $600 million. Interswitch, a Nigerian fintech, retains its unicorn status since 2019 following a $200 million investment from Visa. This dynamic landscape underscores the evolving challenges and opportunities for Africa’s tech ecosystem.