African start-ups marked a record-setting October, raising $254 million across 42 deals valued at $100,000 or more, according to a new report from Africa: The Big Deal. The month’s performance is the second-highest in 2024, following July, and sets a new benchmark for October funding since 2019.
One of the standout deals came from Nigerian fintech Moniepoint, which raised $110 million in Series C funding, representing 43 percent of October’s total funding activity. This achievement positions Moniepoint as Africa’s latest “unicorn,” joining the elite group of start-ups valued at $1 billion or more. Moniepoint’s substantial funding round underscores Nigeria’s growing prominence in the fintech sector and Africa’s broader tech landscape.
In addition to Moniepoint, other notable deals included Kenyan electric bus company BasiGo, which secured $42 million in Series A funding, and cryptocurrency platform Yellow Card, which raised $33 million in a Series C round. These top three deals accounted for the bulk of October’s financing, reinforcing the dominance of Nigeria’s fintech firms, which captured 60 percent of the funds raised during the month.
However, the report also highlights ongoing gender disparities within the African tech sector. Of the total funding in October, 98 percent went to start-ups led by male CEOs, and 97 percent was directed toward ventures with no female founder.
The report further notes a significant acquisition in October, with OmniRetail’s acquisition of Nigeria’s Traction Apps. This marks one of the few exit transactions announced in 2024, a year characterized by both landmark deals and a slowdown in venture funding across the continent.
So far in 2024, African start-ups have raised a total of $1.7 billion, representing a 32 percent decline compared to the same period in 2023. At this time last year, this funding milestone had already been reached by early June, underscoring the impact of the global venture capital slowdown on African markets.
To date, 393 African start-ups have closed deals of $100,000 or more, reflecting a 10 percent decline year-on-year. Furthermore, only 137 companies have secured deals of $1 million or more, marking a 20 percent drop from 2023 levels.
