African Startups Surpass $1 Billion Mark in 2024 Investment

In the first half of 2024, African startups secured over $1.1 billion in investments, signaling a gradual rebound and sustained investor confidence despite the global funding crunch.

This marks an increase from the $1 billion raised in the same period in 2023, though it falls short of the $1.5 billion and $1.8 billion raised in the second halves of 2022 and the first halves of 2022, respectively.

The rise in funding comes at a crucial time when global venture capital is facing significant constraints, underscoring the resilience and potential of the African startup ecosystem.

Data from African startup tracker Wee Tracker reveals that more than $1.67 billion was committed through new funds in the first half of 2024, indicating a gradual recovery in the continent’s venture capital landscape amidst the global financial tightening.

Source: Temitope Oke / News Central TV