The best month of July on record! 😋

With $420m announced in July, the ecosystem has now raised over $1.2b since the beginning of the year

As we teased in last week’s post, July 2024 has been a very good month in terms of fundraising for start-ups on the continent, especially in comparison with the previous periods. Indeed, with $420 million raised (exc. exits), this is the highest monthly performance of the ecosystem in 14 months; more than what was raised in the whole of Q2; and 2.5x times the average monthly amount raised over the past 12 months. It’s actually - as the title says - the best month of July on record, since we started tracking in 2019, and by quite a margin.

47 ventures raised at least $100k last month, the second-best month this year after May (when 40 grant announcements were made by DEG, CCHub, iHub etc.). 16 of those raised at least $1m, on a par with the monthly average in H1.

The numbers were heavily skewed by the two mega deals that were announced during the month: d.light’s USD$176 million securitisation facility and MNT-Halan’s $157.5m raise. NALA’s $40m Series A also deserves a mention. Combined, these three deals represent 90% of the funding raised. There were also four exits (not included in the numbers above), the most notable of which was Quicket’s acquisition by Ticketmaster.

This great monthly performance means that the ecosystem what able not only to comfortably cross the $1 billion mark in terms of funding raised in 2024 so far ($1.2b), but also to top the amount raised in 2020. The next milestone - the $1.4b raised in 2019 - is now within reach.

Thanks for your continued support, in particular to those of you who also subscribe to our database. As things slow down a bit - hopefully not on the fundraising front though! - and we take some well-deserved leave, you probably won’t hear from us in the next few weeks (you might see a guest post pop in though, who knows…). But don’t you worry: we’ll be back in early September :) Max