For the second year in a row, startups in Kenya received the bulk of funding in 2024, 88 percent of the total raised in East Africa and more than a quarter of the continent’s total, according to a new report by Africa: The Big Deal.
According to the data, Kenyan startups raised US$638 million in 2024 towering over Nigerian startups, which raised US$410 million.
Egyptian startups emerged third with US$400 million raised and South African startups came fourth with US$394 million.
The ‘Big Four’ garnered 84% of all start-up funding in Africa, retaining their dominance in their respective regions since 2019.
The entire continent raised US$2.2 billion in 2024, which was 25% less than the amount startups raised in 2023. This was largely due to the financial crunch prevalent in the first half of 2024 as many countries globally tried to claw back to macroeconomic stability. In 2023, Kenyan startups raised almost US$800 million representing 28% of the total continental pie. Nigeria, which lost its startups dominance in 2023 to Kenya, has stagnated at the US$400 million neighborhood.READ MORE;Kenyan Startups Beat Rest of Africa to Raise US$638 mn in 2024
