Top 6 Countries by VC Funding raised in Africa (H1 2024)
28 August 2024•
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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.
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