In 2024, Kenya emerged as the most popular destination for venture funding in Africa, driven by successful large deals despite the absence of new unicorns.
Kenya: Venture Leadership in 2024
According to analytics company Africa the Big Deal, Kenyan startups raised $638 million in 2024, representing 29% of the continent's total of $2.2 billion. Notable large deals included d.light's $176 million in financing and SunCulture's $27.5 million series B funding.
Ranking of Other African Countries
Nigeria came in second, raising $410 million, or 18.6% of the total. Following closely, Egypt secured $400 million, accounting for 18.2%. South Africa collected $394 million, highlighted by the significant rise in funding in Q4 2024, with TymeBank's surge.
Regional Data and Impact on the Continent
The four key markets—Kenya, Nigeria, Egypt, and South Africa—accounted for 84% of Africa's venture investments in 2024, totaling $1.842 billion. East Africa, led by Kenya, reached $725 million. West Africa, with Nigeria's leadership, acquired $587 million. North Africa, capitalized by Egypt, obtained $478 million, and South Africa concluded with $397 million.
Despite shifts in investment distribution, the Big Four markets remain dominant, providing a substantial portion of all venture funding on the continent, indicating their ongoing influence.
