Nigerian tech startups raised over $400 million in 2024, according to Africa: The Big Deal’s annual funding report. Despite this impressive figure, Kenya maintained its lead in Africa’s startup funding landscape, a position it has held since overtaking Nigeria in 2023.
Nigeria’s funding performance mirrored that of 2023, driven by two major deals: Moove’s $110 million, which included a $100 million Series B round led by Uber, and Moniepoint’s $110 million Series C round. However, Kenya’s dominance stemmed from its $638 million funding, which constituted 88% of East Africa’s total and was bolstered by significant investments in climate tech startups like d.light and SunCulture.
East Africa secured $725 million in total funding, representing 33% of Africa’s $2.2 billion. West Africa followed with $587 million, buoyed by Nigeria and contributions from Ghana, Benin, Côte d’Ivoire, and Senegal. North and Southern Africa experienced declines, with Egypt and South Africa still leading their regions but showing year-over-year funding drops of 37% and 34%, respectively.
The Big Four—Kenya, Nigeria, Egypt, and South Africa—continued to dominate, collectively accounting for 84% of the continent’s funding. Emerging markets such as Morocco, Ghana, and Benin are expected to shape Africa’s startup growth in 2025 and beyond.
