- Despite a challenging economic climate, cleantech and internet connectivity sectors lead the way, with Kenya spearheading investment activity.
- Debt funding, often overshadowed by venture capital, played a dominant role in terms of volume, with transactions totaling over $26 million for November alone.
- The dual reliance on debt and equity highlights the adaptability of African startups in securing resources to fuel their growth.
As 2024 winds down, the African startup ecosystem finds itself in a less-than-rosy funding environment. According to data from startup funding tracker Briter Bridges, over 580 startups in over 30 African markets secured $1.9 billion through more than 670 deals that were disclosed this year.
This marks a noticeable decline in both funding volume and deal count compared to 2023, a scenario that is attributable to global economic challenges that have seen the tightening of the purse strings of investors.
Why African startups faced funding dip in 2024
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