Despite a slowdown in funding for African tech startups in recent years—reflecting global trends—the continent continues to show remarkable resilience.
By the first half of 2024, African startups had secured over $1.1 billion in funding, according to Wee Tracker. Even amid an overall decline, African investment surged, with $1.67 billion injected through new funds during the same period.
Recent analysis by Africa: The Big Deal highlights the most active investors in Africa’s startup scene for the first half of 2024. Notably, five investors completed at least one deal per month on average, down from seven in the same period in 2023 and significantly lower than the 33 deals recorded in 2022.
Here are the top 10 investors driving tech growth in Africa in H1 2024, ranked by the number of deals closed:
- LAUNCH AFRICA VENTURES: Leading the pack in 2024, Launch Africa Ventures has established itself as a vital player in the African tech ecosystem. With a portfolio of 133 deals across 22 countries worth a total of $36.3 million, the firm has closed a deal almost every other week in H1 2024, aiming to match or exceed their total of 19 deals from 2023. Headquartered in Mauritius, they continue to make a significant impact.
- TECHSTARS: Following a record-breaking 56 deals in 2023, Techstars has slightly decreased its activity, securing 9 deals in H1 2024. Nevertheless, it remains a prominent global accelerator, nurturing African startups with funding, mentorship, and a vast resource network. The American investment group offers a three-month, mentorship-driven program, a $120K investment, and lifelong access to the Techstars network.
- 54 COLLECTIVE (formerly Founders Factory Africa): Under its new branding in 2024, 54 Collective has continued its impactful investments, completing seven deals in H1 2024. This collective approach aims to foster innovation with a focus on scalable solutions in sectors like fintech and healthcare.
- CATALYST FUND: Known for supporting inclusive fintech and climate-focused startups, Catalyst Fund made seven investments in H1 2024. They aim to match their 13 deals from 2023 and play a crucial role in addressing significant social challenges in Africa, having invested in 81 companies across 19 markets since 2015.
- RENEW CAPITAL: In 2024, Renew Capital has already surpassed its 2023 deal count of five by completing seven investments in the first half of the year. Focused on early-stage investments, they are dedicated to fostering economic growth in underdeveloped markets across Africa.
- DFC (U.S. International Development Finance Corporation): DFC has become an increasingly important supporter of African tech, closing 5 deals in H1 2024—already surpassing their total from 2023. Their focus on advancing economic development aligns with investments that create social impact, positioning them as a key player in Africa’s tech growth.
- BAOBAB NETWORK: Known for accelerating early-stage tech startups, Baobab Network made five deals in H1 2024, exceeding their performance from the previous year. They provide both capital and hands-on support to help startups scale, particularly in fintech, healthtech, and edtech.
- Y COMBINATOR: Y Combinator, a globally recognized accelerator, continues to influence African tech. Though quieter in H1 2024 with fewer than five deals, they remain on track to match their 12 investments from 2023, having supported several African unicorns in achieving global prominence.
- VENTURES PLATFORM: Known for early-stage investments in African tech, Ventures Platform has been less active in 2024 after a busy 2023, completing fewer than five deals in H1 2024. However, they remain a significant player, particularly in the fintech and digital infrastructure sectors.
- FLAT6LABS: Although H1 2024 has been slower for Flat6Labs, they are actively raising new funds and preparing for increased activity in the coming months. As one of the most active early-stage investors in North Africa, they focus on funding scalable solutions and running accelerator programs that connect startups with mentorship and investment.
