African startups raised $56 million in August 2024

user avatar

by Giorgi Kostiuk

2 years ago

Made with AI

  1. August 2024 Statistics
  2. Key Deals in August
  3. Overall Context of 2024


    4. In August 2024, African startups raised just $56 million, marking the second-slowest month in the past four years, according to a report by analytics firm Africa the Big Deal.

    August 2024 Statistics

    African startups raised $56 million in August 2024, significantly down from $443 million raised in July 2024. This represents an 87 percent decline compared to the previous month and a 76 percent drop compared to August 2023, when startups raised $234 million.

    Key Deals in August

    In August 2024, 27 startups announced funding rounds, well below the average of 40 per month over the past twelve months. The top three deals included Ghanaian fintech Fido, which raised $10 million, South African green energy startup Solarise Africa, which announced a $9 million raise, and YC-backed Nigerian fintech Waza, which raised $8 million, including $3 million in seed funding and $5 million in debt financing.

    Overall Context of 2024

    Despite the slowdown in August, the total funding raised in the third quarter of 2024 is already higher than the first and second quarters combined. Venture capital funding into African startups surpassed the $1 billion mark in early July, earlier than expected. This is encouraging and suggests that 2024 could eventually outperform 2019 and 2020 levels.

    The observed slowdown in funding for African startups in August 2024 occurs against the backdrop of ongoing economic challenges and a continued decline in venture capital investments on the continent since late 2022.

Tier I

Sector: #18291

Sealed Hiding Place Room

Resource Cache

Resource Cache

Tier I

Requires 25% Tier Progress to Claim
Meme Cache

Meme Cache

Tier I

Requires 50% Tier Progress to Claim
Equipment Cache

Equipment Cache

Tier I

Requires 75% Tier Progress to Claim

After collecting, hiding places will be stored in your inventory and can be opened with Keys.

Other news

Bitwise Submits Updated Prospectus for XRP ETF Trust

Bitwise has filed an updated prospectus for its XRP exchange-traded fund trust on September 21, reflecting ongoing regulatory efforts.

user avatarMaya Lundqvist

New York Life Investment Management Partners with Centrifuge for On-Chain Bond Strategy

New York Life Investment Management has partnered with Centrifuge to tokenize a US high-yield corporate bond strategy on the Avalanche blockchain, allowing institutional buyers to use USDC for subscriptions and redemptions.

user avatarLeo van der Veen

ShredPay Partners with Jack Henry to Enhance Digital Asset Integration

ShredPay partners with Jack Henry to enable banks and credit unions to access stablecoin and digital asset services.

user avatarLi Weicheng

Strive Increases Bitcoin Holdings to 26,355 BTC

Strive has disclosed a purchase of 1,355 BTC, raising its total Bitcoin holdings to 26,355 BTC.

user avatarAisha Farooq

Broadcom Set to Gain from Alphabet's Custom TPU Sales

Broadcom is set to benefit from Alphabet's decision to sell custom TPUs to external data centers, enhancing its AI semiconductor revenue through a long-term agreement until 2031.

user avatarBayarjavkhlan Ganbaatar

Alphabet Enters Hardware Market with Custom TPUs for Data Centers

Alphabet announces the sale of its custom-made Tensor Processing Units (TPUs) to external data centers, marking a significant move into hardware sales.

user avatarTenzin Dorje

Important disclaimer: The information presented on the Dapp.Expert portal is intended solely for informational purposes and does not constitute an investment recommendation or a guide to action in the field of cryptocurrencies. The Dapp.Expert team is not responsible for any potential losses or missed profits associated with the use of materials published on the site. Before making investment decisions in cryptocurrencies, we recommend consulting a qualified financial advisor.