The Top 10 Most Funded African Startups in H1 2024

Top 10 Most Funded African Startups in H1 2024 – Over $500M Raised

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.

Key VC Trends in H1 2024

• Late-stage funding dominates, showing investor confidence in scaling businesses.
• FinTech leads, with TymeBank and M-KOPA raising significant rounds.
• Emerging sectors like SpaceTech and Electric Mobility gain momentum.

Top 10 Most Funded African Startups in H1 2024

Below is a closer look at the top 10 most funded startups in Africa for H1 2024:

1. Showmax (South Africa) raised US $177 million in a late VC round, led by MultiChoice Group and NBCUniversal Media.

2. TymeBank (South Africa) secured US $150 million in a Series D round, backed by private investors as it approaches a pre-unicorn valuation.

3. M-KOPA (Kenya) obtained US $51 million in debt financing, led by the U.S. International Development Finance Corp.

4. SunCulture (Kenya) raised US $27.5 million in a Series B round, led by InfraCo Africa.

5. MetaTrace (Seychelles) raised US $25 million in a Series A round.

6. 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.

7. Simera Sense (South Africa) raised US $14.8 million in a Series A round, led by NewSpace Capital and Knife Capital.

8. Qodek (Tunisia) raised US $13 million across Series A and B rounds, from undisclosed investors.

9. OneOrder (Egypt) secured US $13 million in a Series A round, led by Delivery Hero Ventures.

10. Hohm Energy (South Africa) raised US $8 million in a seed round, led by E3 Capital and 4DX Ventures, which has seen stopped operating.

Africa’s Startup Funding Outlook

The funding landscape in Africa is evolving, with a strong focus on scalability, innovation, and sustainable solutions. As investor confidence grows in late-stage startups, sectors like FinTech, clean energy, and deep tech are expected to attract even more capital in H2 2024.

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