African startups raised $2.2 billion in 2024, after overcoming a slow start to the year with a much-improved second half. As has been the case since 2019, the big four of Nigeria, Kenya, South Africa and Egypt dominated. These four countries accounted for 84% of the $2.2 billion invested in African startups in 2024, strongly influencing regional funding. However, funding levels suffered a substantial 25% drop compared to the previous year.

East Africa, driven by Kenya, maintained its lead in attracting the largest share for the second straight year. With $638M raised in 2024, Kenya accounted for nearly 30% of all African startup funding, leading the continent’s tech ecosystem. Tanzania and Uganda followed, securing $51M and $19M in funding, respectively, placing them second and third in East Africa.

Nigeria was top in West Africa and second overall in Africa. The West African nation attracted $410M in 2024. Ghana ($68M) was second and Benin ($50m) came in third in that region.

Egypt received $400M in funding, making it the third-highest recipient in Africa. A total of $478M went to North Africa, representing 22% of all funds raised on the continent. South Africa was fourth attracting $394M. The Southern African region’s share of total funding in 2024 was 18%, amounting to $397M.

Although North Africa received $478 million, funds raised in the region decreased by 35% between 2023 and 2024. This decline was largely driven by a sharp 37% year-over-year contraction in Egypt—the most severe among the “Big Four”—which accounted for 84% of the region’s funding in the previous year. While Morocco ($70 million) performed relatively well, it couldn’t offset Egypt’s significant drop.

According to the report by the Big Deal, funds raised in Southern Africa dropped by 36%, very similar to the 34% drop in South Africa. Almost all (99.4%) of the region’s funding went to South Africa, making the usual lack of investment for other countries there even worse.

The number of deals in Central Africa was minimal in 2024, resulting in a total investment amount of $5 million—a more than tenfold reduction compared to 2023.