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The Top 10 Most Funded African Startups in H1 2024
In H1 2024, some African startups raised substantial capital, demonstrating resilience amid a challenging global funding environment. Total funding for the top 10 most funded startups reached over US $500 million, with notable investments concentrated in sectors driving the continent’s economic and digital transformation.
South Africa and Kenya emerged as the top ecosystems, capturing the majority of funds raised. These two countries alone accounted for over 60% of total funding. Investor focus remained on late-stage companies, signaling increased confidence in scaling businesses, particularly in FinTech, with TymeBank and M-KOPA securing significant rounds. Meanwhile, early-stage sectors like SpaceTech and Electric Mobility gained momentum, as startups like Simera Sense and Roam Electric attracted capital to scale their innovative solutions.
Below is a closer look at the top 10 most funded startups in Africa for H1 2024:
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Showmax (South Africa) raised US $177 million in a late VC round, led by MultiChoice Group and NBCUniversal Media.
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TymeBank (South Africa) secured US $150 million in a Series D round, backed by private investors as it approaches a pre-unicorn valuation.
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M-KOPA (Kenya) obtained US $51 million in debt financing, led by the U.S. International Development Finance Corp.
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SunCulture (Kenya) raised US $27.5 million in a Series B round, led by InfraCo Africa.
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MetaTrace (Seychelles) raised US $25 million in a Series A round.
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Roam Electric (Kenya) secured US $24 million through a mix of Series A equity and debt financing, backed by Equator Africa and the U.S. Development Finance Corporation.
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Simera Sense (South Africa) raised US $14.8 million in a Series A round, led by NewSpace Capital and Knife Capital.
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Qodek (Tunisia) raised US $13 million across Series A and B rounds, from undisclosed investors.
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OneOrder (Egypt) secured US $13 million in a Series A round, led by Delivery Hero Ventures.
- Hohm Energy (South Africa) raised US $8 million in a seed round, led by E3 Capital and 4DX Ventures, which has seen stopped operating.
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Investing in Egypt’s Startup Ecosystem
Micro, Small and Medium Enterprises contribute over 40% to Egypt’s economy, and account for over 75% of the country’s total employment. Entrepreneurship is critical to Egypt’s future. Today, Egypt consistently ranks as a top 3 tech startup ecosystem in both the MENA and Africa regions, based on funds raised by local startups. In this special report, we speak to the most active investors in Egypt and cover some of the country’s most successful startups to give you an inside scoop on how they are navigating the current VC winter, inflationary pressures and currency devaluation woes.
