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Kenyan startups extended their regional dominance in 2024, attracting a remarkable $638 million—nearly 30% of all funding raised by African ventures. This strong performance ensured that East Africa, once again, claimed the top spot among the continent’s regions for the second consecutive year. Overall, African startups secured $2.
2 billion in 2024, rebounding from a tepid beginning to the year with a much stronger second half. However, this total still reflects a 25% drop compared to the previous year. As has been the case since 2019, the “Big Four” of Kenya, Nigeria, South Africa, and Egypt continued to lead the way, collectively accounting for 84% of Africa’s funding.
Beyond Kenya’s achievements, neighboring Tanzania and Uganda followed with $51 million and $19 million, respectively, maintaining East Africa’s growing reputation as a hotbed for investment. Meanwhile, Nigeria dominated West Africa, pulling in $410 million—the second-highest total on the continent—while Ghana and Benin contributed $68 million and $50 million, respectively. North Africa received a combined $478 million, or 22% of the continent’s total, though funding in the region declined by 35% between 2023 and 2024.
This drop was attributed primarily to Egypt, which experienced a sharp 37% contraction—the biggest among the Big Four. Although Morocco managed $70 million, it could not compensate for Egypt’s downturn. In Southern Africa, South Africa led with $394 million, out of the region’s total of $397 million—an 18% slice of the overall pie.
“According to the report by the Big Deal, funds raised in Southern Africa dropped by 36%, very similar to the 34% drop in South Africa. Almost all (99.4%) of the region’s funding went to South Africa, making the usual lack of investment for other countries there even worse.
” In stark contrast, Central Africa brought in just $5 million—a more than tenfold decrease compared to 2023. Despite the overall decline in African startup investments, Kenya’s leading role reinforces the country’s prominence and signals continued confidence in East Africa’s tech ecosystem..
