BREAKING NEWS: $1 billion in the bag! 💰

Start-up investments in Africa in 2024 have now crossed the $1 billion mark

Obviously we will be providing you with more details next week when we have the July numbers in full, but we can now confidently say that the $1 billion in start-up investments for 2024 has been reached!

As we shared last week, the ecosystem closed H1 2024 with just under $800 million raised (excluding exits), and it was only a matter of time until it crossed the $1 billion mark. Things happened a little faster than expected though thanks to two mega deals announced since the middle of the month: d.light’s new USD$176 million securitisation facility and MNT-Halan’s $157.5m raise to fuel their expansion. If we add NALA’s $40m Series A from earlier this month and other smaller deals, we’re getting very close to $400 million, which will make July 2024 the most successful month in terms of fundraising in Africa in more than a year, and represents more than what was raised in the whole of Q2 2024.

While the pace of investments has not yet fully picked up compared to the past three years (the $1 billion mark was reached in May in 2021, in April in 2023 and as early as February in 2022 (!)), this news is encouraging as it shows that 2024 might in the end deliver stronger results than 2019 and 2020 it is often benchmarked against (and when the $1 billion mark was only reached in November). In fact, start-ups in Africa have already raised more funding that they had in 2020.

Have you missed our presentation last week? Have you not downloaded the full deck yet? Wait no more and check out all our H1 2024 content here:

📽️ H1 2024 Round-Up Recording & Deck

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