CHART: Africa's startup scene booms with record $420M investments in July 2024

Emmanuel Oyedeji -
  • African startups raised $420 million, the highest monthly figure in over a year.
  • Three major deals—d.light, MNT-Halan, and NALA—accounted for 90% of July's total funding.
  • Despite the surge, overall funding pace remains below peak levels seen from 2021 to 2023.

Africa's startup ecosystem is experiencing a resurgence, with July 2024 marking a record-breaking month for funding in 2024.

Startups across the continent secured an impressive $420 million, surpassing the total raised in the entire second quarter and marking the highest monthly figure in over a year. This surge propels the total funding for 2024 to exceed $1.2 billion.

To put this into perspective, the July figure surpasses the total funding raised in the entire second quarter and is a staggering 2.5 times the average monthly investment over the past 12 months. 

A closer look at the data reveals that the landscape was significantly influenced by three mega-deals: d.light's $176 million securitization facility, MNT-Halan's $157.5 million fundraising and NALA’s $40m Series A, which together accounted for 90% of the total funding for the month.

Despite the concentration of capital in these two deals, the broader trend remains positive. The ecosystem witnessed a notable uptick in deal activity, with 47 ventures securing at least $100,000 in funding.