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African Startup Funding Starts Slow in January 2024

African startups saw a chilly January in terms of funding, marking the second-lowest month since 2021. Despite the lacklustre start, 38 deals exceeding $100,000 each managed to raise a total of $77 million.

According to reports by The Big DeaL, three big deals, all north of $8 million, saved the day. Egyptian healthtech Yodawy scored $10 million, Kenyan agritech Apollo Agriculture also snagged $10 million, and pan-African agritech venture Hatch Africa secured $9.5 million. These three giants gobbled up 38% of the month’s total funding.

“Equity ruled the roost, accounting for 74% of the pie. Debt financing took a smaller slice with $20 million across five deals, including Hatch Africa and a $7 million boost for Sun King. Only one public exit was recorded: Orcas, an Egyptian edtech company, was acquired by Baim.”

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Sector-wise, the report noted that Agriculture and Food reigned supreme, attracting $24 million through five deals, with Apollo and Hatch Africa leading the charge.

“Healthcare trailed close behind with $14 million across four deals, including Yodawy. Fintech held its ground with $13 million across ten deals. Climate Tech deals brought in $16 million, or 21% of the total.”

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Geographically, Egypt and Kenya led the pack with $24 million each, followed by South Africa with $7 million and Nigeria with $5 million. These four countries accounted for a whopping 90% of the total funding, with 75% of all deals happening within their borders.

While January’s numbers might seem a bit frosty, experts caution against doomscrolling. The year has 11 months left for potential growth and investment opportunities.

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Diana Mutheu
Diana Mutheu
Diana Mutheu is a Tech enthusiast, happy to delve deeper into the African tech space covering Social Media, AI, Startups, Telcos, Cryptocurrency, Big Data, Women in Tech and all matters Tech.

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