African startups crossed the one-billion-dollar investment mark in the first half of 2024 as mergers and acquisitions surged, reflecting a gradual rebound and sustained investor confidence despite tight global funding.
African startups raised over US$1.1 billion in funding in the first half of 2024, an uptick in investment activity on the continent. While this is an increase from the US$1 billion raised during H1 of 2023, it remains below the US$1.5 billion raised in the second half of 2022 and the US$1.8 billion raised in the first half of 2022.
This funding surge comes at a critical time when global venture capital is experiencing a significant squeeze, highlighting a resilient and promising African startup ecosystem.
According to figures from African startup tracker Wee Tracker, the first half of 2024 also witnessed a surge in African investment, with over US$1.67 billion committed through new funds. This highlights a gradual recovery of the continents venture capital scene amid a global funding squeeze.
Adenia Partners led the funding surge with its Adenia Africa Fund, which secured US$470 million. This fund, backed by investors such as Norfund AS, the US International Development Finance Corp., and Canadas Findev Inc., aims to support innovative businesses across Africa in fintech, telecom, and healthcare sectors.
