Top 10 African countries with the highest tech funding in 2024

A few years ago, Africa was a shining beacon for investors, with its growing start-up ecosystem and untapped potential making it a cynosure of venture capital. The continent was seen as the next big thing, attracting global attention and capital in droves.

However, the funding landscape has shifted in recent years, with a notable decline in 2024. Despite securing $2.2 billion through equity, debt, and grants, this represents a 25% drop from the $2.9 billion raised in 2023, according to Africa: The Big Deal.

This decline is further reflected in the number of startups hitting the $1 million mark in 2024, with 188 companies securing funding—down 10% from 209 in 2023, and a sharp contrast to the 353 startups that achieved the same in 2022.

According to Africa: The Big Deal, Kenya solidified its position as Africa’s top destination for venture funding in 2024. The country raised an impressive $638 million, which accounted for 88% of East Africa’s total funding and 29% of the $2.2 billion raised on the continent in 2024.

This achievement was fueled by investments in climate tech companies like d.light, SunCulture, and Basigo.

Kenya, along with Nigeria, Egypt, and South Africa—collectively known as Africa’s “Big Four”—continued to dominate the venture funding landscape in 2024, attracting a combined 84% of all start-up funding on the continent.

Nigeria, which once held the top spot as Africa’s preferred destination for venture capital, secured second place in 2024. Startups in the country raised $410 million, accounting for 18.6% of the $2.2 billion total secured across Africa.