In November, 76% of the $180 million (23.27 billion Kenyan Shillings) raised by startups across Africa was secured by ventures based in Kenya and Nigeria.
In November, 76% of the $180 million (23.27 billion Kenyan Shillings) raised by African startups was secured by Kenya and Nigeria, amounting to $136.8 million (17.69 billion Sh).
According to data from Africa: The Big Deal, the figures highlight the innovation and resilience of African entrepreneurs. Kenya and Nigeria dominated the ecosystem, drawing the majority of funds raised on the continent.
One of the month’s major funding milestones was the $80 million debt investment by the International Finance Corporation (IFC) in Sun King, a Nigeria-based solar energy company. This deal accounted for 44% of the total funds raised, underscoring growing global interest in sustainable energy solutions on the continent.
In Kenya, internet service provider Mawingu secured $15 million in a combination of debt and equity to expand operations in East Africa. Additionally, Ivorian fintech company Djamo closed a $13 million Series B funding round. Together, these three deals represented two-thirds of the funds raised in November.
By November 2024, African startups had collectively raised $302 billion, split into 64% equity ($1.2 billion), 34% debt ($635 million), and 2% grants ($33 million). However, this figure remains significantly lower compared to the $2.9 billion raised by the same period in 2023.