Kenya has once again emerged as the leader in corporate deal value in East Africa, according to a report by the African Private Equity and Venture Capital Association (AVCA).
The report highlights that one-third of Africa’s startup funding in 2024 was directed to East Africa, with Kenya accounting for 29% of the total. East Africa attracted $725 million (approximately Sh93.5 billion) in funding, marking the second consecutive year the region has led in this regard.
Kenya alone secured $638 million (Sh82.3 billion), representing 88% of East Africa’s total and 29% of the continent’s overall funding. Significant deals in the climate tech sector, involving companies like d.light, SunCulture, and Basigo, contributed to this impressive performance.
Other East African countries, such as Tanzania and Uganda, attracted $53 million (Sh6.8 billion) and $19 million (Sh2.5 billion), respectively.
The report also noted West Africa’s rise to second place in 2024 funding rankings, following a fourth-place finish in 2023. The region attracted $587 million (Sh75.7 billion), with Nigeria leading at just over $400 million (Sh51.6 billion), similar to Egypt and South Africa.
Northern Africa received $478 million (Sh61.8 billion), with Egypt accounting for 84% of the region’s funding. Southern Africa recorded $397 million (Sh51.3 billion), while Central Africa saw only $5 million (Sh646.3 million), a figure over ten times lower than in 2023.
The report underscores the growing investment in key regions across the continent, driven by dynamic sectors like climate tech.
