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

Proposed Loss Carryforward Mechanism for Cryptocurrency Investments

South Korean government officials proposed a three-year loss carryforward mechanism for cryptocurrency investments to create a balanced taxation approach.

user avatarTando Nkube

Samsung Wallet Introduces Stablecoin Functionality for Galaxy Users

Samsung Wallet has launched a feature for US Galaxy users to manage stablecoin accounts, allowing them to buy, hold, send, and receive USDC on the Solana blockchain.

user avatarSon Min-ho

Evernorth Registers 737 Million Shares, Raising Concerns Over Stock Pressure

Evernorth has registered up to 737 million shares for potential resale, raising concerns about selling pressure on its stock.

user avatarAyman Ben Youssef

South Korea Delays Cryptocurrency Gains Tax Implementation

The South Korean government has announced a delay in the implementation of its cryptocurrency gains tax, moving the deadline from January 2027 to January 2029.

user avatarKofi Adjeman

HTX Introduces APY Boost Promotion to Support Users During Market Downturn

HTX Earn has launched an APY Boost Promotion as part of its Winter Campaign to help users earn returns during a downturn in the crypto market.

user avatarNguyen Van Long

Potential Shift in Washington's Approach to Cryptocurrency Regulation

Tom Lee highlights a possible shift in Democratic lawmakers' willingness to support cryptocurrency legislation following the midterm elections.

user avatarSatoshi Nakamura

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.