African startups collectively raised $250 million in funding in October, driven by a significant $110 million Series C round from Nigerian fintech company Moniepoint.
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.