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Top 6 Countries by VC Funding raised in Africa (H1 2024)
In the first half of 2024, African startups attracted a total of $734 million in VC funding across 302 deals. South Africa dominated the landscape, securing 54.1% of the total funding with $397 million across 41 deals. Egypt and Kenya followed with $85.9 million and $67.7 million, respectively, each showing strong deal activity. Nigeria led in deal volume with 76 deals, raising $60 million.
Notably, the period saw three of the largest VC rounds in Africa's history:
- Showmax (South Africa) raised a $177 million Late VC round in February, strengthening its position as a leading SVOD service tailored for Africa.
- MNT-Halan (Egypt) secured a $158 million Growth Equity VC round in July, driving the digitization of traditional banking and cash-based markets across Egypt.
- TymeBank (South Africa) attracted a $150 million Series D round, reinforcing its role as a neobank.
Related Report
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The Future of Fintech in Africa
Eighteen percent of the world’s population lives in Africa, and 57% of Africans are ‘unbanked’, without a bank account or a digital wallet. This presents a massive opportunity, making fintech the most dominant and funded tech sector in Africa today. This special report highlights how African fintechs not only have one of the largest total addressable markets globally but are also crucial for achieving financial inclusion and empowering unbanked populations. The potential impact of a successful fintech in Africa is unparalleled. To learn more about the drivers, barriers, and opportunities in African fintech, as well as progress toward financial inclusion, read the special report.
