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

Solana Sees Significant RWA Inflows

chest

Solana has recorded $348 million in net inflows of real-world assets over the past 30 days, increasing its tokenized RWA value to $720 million.

user avatarMaria Gutierrez

Aave Governance Considers Emergency Powers to Protect Users

chest

Aave governance is considering a proposal to grant emergency powers to guardians to freeze vulnerable lending pools during security threats.

user avatarDavid Robinson

Router Protocol Users Must Move Assets During Grace Period

chest

Router Protocol users must take action during the grace period to bridge assets back to origin chains before relayer nodes are disconnected.

user avatarJacob Williams

Arbitrum Proposes Disqualification of Three DeFi Protocols from Future Grants

chest

A new governance proposal by Arbitrum aims to disqualify three DeFi protocols from future DAO grant allocations due to alleged reporting failures and misuse of prior incentives.

user avatarAndrew Smith

Router Protocol to Shut Down Crosschain Network and Burn 303 Million Tokens

chest

Router Protocol has announced a deprecation plan to shut down its crosschain messaging network and burn 303 million ROUTE tokens due to unsustainable maintenance costs.

user avatarZainab Kamara

Ripple Partners with Florida Athletics to Introduce Digital Asset Payments

chest

Ripple has partnered with Florida Athletics to allow fans to use XRP and RLUSD for ticketing and merchandise, enhancing payment experiences and promoting digital asset adoption.

user avatarSon Min-ho

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.