Moniepoint, Tyme‘s mega deals push African startups’ fundraising to $2.2 billion in 2024 

According to the funding report released by research firm, Africa: The Big Deal, the amount included equity, debt, and grants secured by the continent’s startups.

While the amount raised in 2024 is quite significant, it represents a 25% drop in funding compared to the $2.9 billion raised on the continent in 2023.

The report shows that a total of 188 ventures raised $1 million or more in 2024, which is about 10% less than what was recorded in 2023.

On the exit front, there were 22 exits made public last year, versus 20 in 2023.

“We realise that the relative counter-performance of 2024 is mostly to be blamed on a slow start of the year: just under $800 million raised in H1, the slowest semester since 2020.  

“However, there was a serious rebound in the later part of the year as $1.4 billion was raised in H2 alone (+25% YoY and +80% compared to H1), which made it the second-best semester since the beginning of the ‘funding winter’ in mid-2022.  

“The numbers were driven in part – but absolutely not in full – by the two mega deals of Moniepoint and Tyme Group in Q4, minting two new unicorns back-to-back, the first such events since early 2023,” the report stated.

According to the report, one positive takeaway from the 2024 funding was the decline in debt compared with the previous year.

Both Moniepoint and Tyme became the newest African unicorns in 2024 after raising $110 million and $250 million respectively.