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Despite a global slowdown in startup funding, African tech startups have continued to show resilience.
By the first half of 2024, these startups had secured over US$1.1 billion in funding, according to Wee Tracker.
The Big Deal also highlighted the most active investors in Africa’s startup ecosystem for the same period.
Here are the top 10 investors driving African tech growth in 2024, ranked by the number of deals closed:
Launch Africa Ventures
Leading the 2024 list, Launch Africa Ventures solidified its dominance with 133 deals in 22 countries, worth a total of US$36.3 million.
Techstars
Despite a slight slowdown from 2023’s record 56 deals, Techstars secured nine deals in the first half of 2024, continuing its role as a major global accelerator for African startups.
Read more: Google opens applications for 8th cohort of Startups Accelerator Africa programme
54 Collective (formerly Founders Factory Africa)
Following a rebrand in 2024, 54 Collective closed seven deals, maintaining its strategic investment focus on African tech.
Catalyst Fund
Known for supporting inclusive fintech and climate-focused startups, Catalyst Fund made seven investments in the first half of 2024, aiming to match their 2023 total of 13 deals.
Renew Capital
Surpassing its 2023 record, Renew Capital made seven investments in 2024, focusing on early-stage startups across diverse sectors.
DFC (U.S. International Development Finance Corporation)
DFC emerged as a growing supporter of African tech, closing five deals in 2024, already surpassing its 2023 total.
Baobab Network
Known for accelerating early-stage startups, Baobab Network made five deals in 2024, focusing on fintech, healthtech, and edtech, exceeding its 2023 performance.
Y Combinator
Although quieter in 2024 with fewer than five deals, Y Combinator remains a key player, aiming to match its 2023 total of 12 investments.
Ventures Platform
Ventures Platform, with fewer than five deals in early 2024, remains a critical investor, particularly in fintech and digital infrastructure innovation.
Flat6Labs
One of North Africa’s most active early-stage investors, Flat6Labs supports scalable solutions and accelerator programs, continuing to fund promising startups.
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