Fintech, yet again, proved by far and away the most popular sector for investors in African tech startups in 2024, increasing its share of funded ventures and generally matching its proportion of total funding from 2024.
This is according to the 11th edition of the annual African Tech Startups Funding Report released by startup news and research portal Disrupt Africa, which is available for free to all thanks to support from partners TVC Labs and Opus.
A total of 178 startups raised a combined total of US$1.64 billion over the course of the year, which represented a slight decline in terms of the number of funded ventures, but an increase of 46.2 per cent on total raised funding.
Fifty-four (54) fintech startups raised funding in 2024, almost one-third of the continent’s total, while those ventures raised a combined total of almost US$700 million, which represented a significant leap from 2024.
Other sectors also saw meaningful increases in funding, though generally the number of funded ventures in each space declined. Energy, mobility, e-commerce and retail-tech, and AI recorded big increases to make up the top five sectors for total investment.
However, there were disappointing years for a number of sectors that had previously proven attractive to investors, such as ed-tech, recruitment and HR, prop-tech and auto-tech.
For more information, or to download the report, please visit disruptafrica.com/funding-report, or email Gabriella on [email protected], or Tom on [email protected].