Moniepoint, Tyme Group lead as African startups raise $2.2bn amid challenges

African startups collectively raised $2.2 billion in 2024, fueled by two major funding deals involving Nigeria’s Moniepoint and South Africa’s Tyme Group, according to a funding report by research firm Africa: The Big Deal. While the funding figure is substantial, it marks a 25 per cent decline from the $2.

9 billion raised in 2023, reflecting a challenging year for the continent’s entrepreneurial ecosystem. The report encompasses equity, debt, and grants secured by startups across Africa, highlighting a notable year of contrasts. A total of 188 ventures raised $1 million or more in 2024, about 10 per cent fewer than the previous year.



The continent also saw 22 publicized exits, slightly up from 20 in 2023, indicating sustained interest in startup acquisitions. The funding landscape experienced a sluggish start in the first half of 2024, with just $800 million raised, the lowest first-half figure since 2020. However, the second half of the year saw a dramatic rebound, with $1.

4 billion raised, a 25 per cent year-on-year increase and an 80 per cent jump compared to the first half. The resurgence in funding was driven in part by two major deals in the fourth quarter of 2024. Nigeria’s Moniepoint secured $110 million in Series C funding, and South Africa’s Tyme Group raised $250 million in a Series D round.

Both companies achieved unicorn status, with Moniepoint’s valuation reaching $1 billion and Tyme Group’s soaring to $1.5 billion. “These unicorn milestones underscore the resilience and potential of African startups, even in a challenging funding environment,” said Dr.

Ifeoma Adebayo, a venture capital analyst. A notable shift in 2024 was the decline in debt funding, which had surged in 2023, dubbed “The Year of the Debt.” Debt funding accounted for 30 per cent of the total in 2024, down from 38 per cent the previous year, reflecting a 40 per cent year-on-year decline.

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