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 Cache 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, caches will be stored in your inventory and can be opened with Keys.

Other news

Federal Judge Rules Justin Sun's Case Against World Liberty Financial to Remain in Open Court

chest

A federal judge in San Francisco ruled that Justin Sun's legal battle with World Liberty Financial over $45 million in frozen tokens will remain in open court, rejecting the company's bid for arbitration.

user avatarKaterina Papadopoulou

New Report Published Utilizing Primary Source Documentation.

chest

The report is based on information released in disclosures at primary source documentation, ensuring that the information provided is accurate and reliable.

user avatarMaya Lundqvist

US Spot Bitcoin ETFs Experience Record Inflows

chest

US spot Bitcoin ETFs saw a significant inflow of $60.6 billion on Thursday, marking their largest single-day gain since May 1.

user avatarLeo van der Veen

New Study Emphasizes the Significance of Primary Source Documentation.

chest

The report highlights the importance of primary source documentation for providing accurate and reliable information.

user avatarLi Weicheng

Cumulative Inflows into US Spot Solana ETFs Reach $116 Billion

chest

Cumulative inflows into US spot Solana ETFs have surpassed $116 billion, indicating growing institutional interest in the token.

user avatarTenzin Dorje

Binance to Remove Seven Spot Trading Pairs on August 21

chest

Binance has announced the removal of seven spot trading pairs on August 21 at 0300 UTC, including SUIBNB and LTCBNB, as part of its market optimization process.

user avatarAisha Farooq

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.