Launch Africa leads startup investments, with 165 deals since 2019

Key takeaways

  • Launch Africa is the most active startup investor in Africa, with 165 deals between 2019 and 2024.
  • Techstars follows closely with 148 deals, while Google Black Founders Fund ranks third with 139 deals.
  • Y Combinator has backed 123 startups, reinforcing its strong presence in African tech.
  • Venture capital interest remains strong, with at least 17 firms making 30+ investments in African startups.

Africa’s startup ecosystem has seen growing investor participation, with Launch Africa leading at 165 deals from 2019 to 2024. Techstars and Google Black Founders Fund have also been highly active, completing 148 and 139 deals, respectively. Y Combinator, FlatLabs, and LoftyInc Capital Management continue to fuel African innovation, each backing dozens of startups. In total, over 17 investment firms have executed more than 30 deals each, highlighting sustained global interest in African entrepreneurship.

Source:

Africa: The Big Deal

Period:

2014-2024
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Kenya accounts for 83.8% of the total startup funds secured in East Africa from 2019 to 2024
  • Kenya is the absolute leader in startup funding, with $3.3 billion raised in the past six years.
  • The rest of East Africa is way behind, with Tanzania ($286M), Uganda ($183M), and Rwanda ($91M) being the next in line. But collectively, they don’t even match 20% of the funding Kenya received.
  • The total funding raised across East Africa from 2019 to 2024 is $3.94 billion, which means Kenyan startups alone secured more than 8 out of every 10 dollars invested in the region.
  • Investor confidence is highly concentrated in Kenya, largely due to its well-developed venture capital ecosystem, startup accelerators, and government support for innovation.
Over the past six years, Kenya has secured an average of 81% of the total funding available in East Africa
  • Kenya dominates East Africa’s startup funding, securing over 83% of all funds raised between 2019 and 2024 — a clear indication of its position as the region’s startup capital.
  • Kenya’s startup funding share has remained consistently above 80% since 2020.
  • 2023 and 2024 saw Kenya secure nearly 89% of all funds, marking its strongest position.
  • Other East African countries combined have not received more than 30% of the funding in any year since 2019.
  • The lowest share of funding Kenya secured was in 2019 (69.81%).
Nigerian startups have secured an average of 79% of the total funding in West Africa each year over the past six years
  • A staggering 92.16% of all startup funding in West Africa flowed into Nigeria in 2019, showing the country’s lead in attracting investors.
  • Nigerian startups still led, but their share dropped to 68.03% in 2023 and 69.75% in 2024, indicating that other West African countries are starting to attract more investment.
  • Despite some shifts, no other West African country has come close to breaking Nigeria’s dominance. The remaining 20-30% of funding is spread across multiple nations, making it difficult for any single country to challenge Nigeria's position.
  • While Nigeria’s startup dominance is impressive, a more balanced regional investment landscape could lead to greater innovation and economic growth across multiple countries.
West Africa has secured $5.76 billion in startup funding since 2019, with Nigeria receiving over 80% of this total
  • Nigeria is the clear leader, securing over 80% of total startup funding in West Africa. Its ecosystem benefits from a strong fintech sector, a large market, and increased investor trust.
  • Ghana and Senegal are challengers, attracting $460M and $410M, respectively. These countries are proving they can compete but still have a long way to go to match Nigeria.
  • Nigeria’s startups raised over ten times more than Ghana, the second-highest country on the list. This highlights an imbalance in investor focus.
  • Benin ($133M) and Côte d'Ivoire ($107M) are rising players but remain in the shadows of the region’s top three. Their growing startup ecosystems could gain more traction with the right policies and investments.
  • Mali, Togo, and Sierra Leone struggle to attract major funding, receiving less than $30M each. This signals a need for stronger ecosystems and investor confidence in these markets.
Moniepoint has grown from a fintech startup to a billion-dollar industry titan
  • Moniepoint began as TeamApt in 2015, building solutions for banks before pivoting to agent banking in 2019.
  • In 2022, Moniepoint secured a banking license, launched business banking, and processed 5.2 billion transactions.
  • The company rebranded to Moniepoint in 2023, relocated to the UK, and launched personal banking.
  • By 2024, Moniepoint achieved unicorn status, with over $200 million in total funding.
  • In 2025, Moniepoint plans to expand into contactless payments and remittances through Monieworld.
The Toronto and Lagos accelerators boosted acceptance rates in 2022 and 2023
  • Techstars three-month accelerators happen in different locations across the world.
  • The ARM Labs Lagos Techstars Accelerator admitted ten startups between 2022 and 2023.
  • 2022 and 2023 account for 69% of all Nigerian startups admitted into a Techstars accelerator.
  • Techstars Toronto Accelerator admitted more Nigerian startups than any other location.
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