African Startup Funding in Q1 2024: Mobility Sector Takes the Lead

In the first quarter of 2024, African startups in the mobility sector emerged as the frontrunners in attracting investment, amidst an overall decline in total funding by 62% compared to the previous year.

Following a lackluster performance in 2023, where African startups managed to secure only $2.2 billion in funding, many stakeholders anticipated minimal change in the initial months of 2024.

Data provided by Intelpoint validated this expectation, revealing that startups in Africa amassed a total of $329.5 million across 51 deals in Q1 2024.

In contrast, during the same period last year, funding stood at $873.9 million, significantly influenced by MNT-Halan's $400 million raise in February.

Despite the persistently low funding landscape, there has been a consistent month-on-month growth trajectory. January saw a modest $70.7 million raised, followed by a slight decline to $67.8 million in February.

However, March witnessed a notable uptick, reaching $190 million in total funding.

March's standout raise came from Moove, which secured $100 million in investment.

Even excluding Moove's contribution, March's funding would have still amounted to a commendable $90.8 million, signifying a promising trend in the African startup ecosystem.

Source: Chimgozirim Nwokoma / Techpoint Arabia