Aaccording to data from Africa: The Big Deal, african startups raised over $2.2 billion in 2024, marking a 25% decrease compared to the $2.9 billion raised in 2023, Despite this decline, the year saw over 430 startups secure funding of at least $100,000, supported by 520 investors.
The number of active investors in 2024 was significantly lower than in previous years, with just over 520 participants compared to 610 in 2023 and over 1,000 in 2022. Furthermore, 69% of investors in 2024 were involved in only one $100k+ deal, the highest proportion recorded since 2021. For the most active investors, the numbers dwindled as well. In 2022, 28 investors participated in more than ten $100k+ deals; this figure dropped to just 8 investors in 2024, aligning with similar statistics from 2023.
The Most Active Investors of 2024
- 54 Collective
South Africa-based accelerator, 54 Collective emerged as the most active investor in 2024. Formerly known as Founders Factory Africa and co-founded by Roo Rogers and Alina Truhina, it was the only investor to participate in more than 20 $100k+ deals during the year, averaging over two deals per month. - Techstars
Founded in 2006 by David Cohen, Jared Polis, Brad Feld, and David Brown, Techstars remained one of the top eight investors in Africa in 2024. However, its activity in Africa was lower than in 2023. - Launch Africa
Launch Africa, founded in 2020 by Zachariah George and Janade DuPlessis, addressed funding gaps in the seed and pre-Series A investment stages across Africa. Despite participating in fewer deals compared to 2023, the VC has invested over $31 million into 133 startups across 22 countries since its inception. - Catalyst Fund
The Catalyst Fund, with a focus on climate-led startups, experienced a decline in deals in 2024. Since 2015, the fund has supported 61 companies across 15 emerging markets. Its portfolio includes one unicorn, five exits, and a global reach of over 14 million individuals and MSMEs. - Digital Africa
Digital Africa, launched under the initiative of French President Emmanuel Macron, increased its investments in 2024. The initiative is dedicated to empowering Africa’s tech entrepreneurs and fostering innovation in the real economy. - Baobab Network
As one of Africa’s leading accelerators, the Baobab Network invests early in high-potential startups, providing funding, mentorship, and access to a global network. The accelerator increased its investments in 2024, focusing on scaling promising ventures. - Renew Capital
Renew Capital is committed to shifting global perceptions of Africa from a continent of aid to one of investment. The firm not only increased its investments in 2024 but also focused on building ecosystems and infrastructure to enable long-term success. - EdVentures
Egyptian edtech-focused VC EdVentures also ramped up its investments in 2024. The fund supports educational technology startups reimagining the future of work and learning.
While the reduced investor activity signals challenges, it also highlights the durability of Africa’s startup ecosystem. Emerging funds, accelerators, and established players continue to support transformative businesses across diverse sectors, paving the way for future growth.
