African startups raised $75 million in 25 deals in April, according to Africa: The Big Deal.
In a report titled, ‘Funding raised in April 2024,’ the data insight firm revealed that the funding raised in April was a 47 percent drop compared to the same month of 2023.
Further analysis of the report revealed that African startups raised $542 million across 153 deals worth $100k+ from January to April.
Regarding sectors, 28 percent of funding has gone to logistics and transport ventures, 25 percent to fintech, and 14 percent to energy. However, in terms of deal numbers, fintech continues to lead.
Two new exits occurred in April 2024 – Ghanaian health tech Rivia acquired SaaS provider Waffle, and Kenyan transport tech BuuPass acquired QuickBus to accelerate their expansion to Nigeria and South Africa.
In April, two Series B funding rounds happened in Africa. Kenya-based SunCulture – which markets solar irrigation systems, raised $27.5 million, and Pula, a startup based in Kenya, announced a $20 million round.
Defiant optimism is a common trait of many entrepreneurs and investors on the continent, so it doesn’t hurt to look on the bright side of the data as we hope for better numbers in the coming months.
