African Tech Startups Secure $780 Million in H1 2024, Lowest Since 2020

African tech startups secured $780 million in funding in the first half of 2024, marking the lowest amount since late 2020. This represents a significant 31% decrease from H2 2023 and a 57% decline from H1 2023, according to a report by Africa: The Big Deal.

The “Big Four” countries—Nigeria, South Africa, Kenya, and Egypt—continued to dominate the funding landscape, attracting 80% of the total investment. Among these, Kenya emerged as the leader, securing a third of the total funding. Despite this concentration, the share is slightly below the 92% peak observed in H1 2023.