African startups secure $250 million in October, bolstered by Moniepoint’s Series C 

This funding achievement represents a strong performance for the month, as highlighted in the latest report from Africa: The Big Deal, which tracks startup investment across the continent.

Moniepoint’s Series C funding alone accounted for 43% of the total amount raised by African startups in October.

According to the report, the substantial raise also contributed to making October 2024 the second-highest month for funding this year, surpassed only by July.

Other notable deals in October included BasiGo’s $42 million Series A and a $33 million Series C secured by cryptocurrency exchange Yellow Card.

Looking at the year-to-date performance, African startups have raised a total of $1.7 billion (excluding exits) in 2024, representing a 32% decline compared to the same period in 2023.

By this time last year, the same funding amount had been achieved by early June, highlighting a slowdown in investment activity.

Additionally, 393 startups have raised $100,000 or more in 2024, marking a 10% decline year-over-year. Of these, 137 ventures secured $1 million or more in funding, a 20% drop compared to 2023.

Moniepoint’s October fundraising made it the second big ticket for Nigerian startups this year, the first being which had raised $100 million in a Series B round led by Uber, and a $10 million debt deal to finance its India expansion.