Startup Funding - Intelpoint

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Equity dominated, as nearly three-quarters of Africa’s 2024 startup funding came through equity financing

Nearly three-quarters of all startup funding in Africa came from equity financing at 74.1%.
A significant 25.2% of funding was raised through debt, showing increasing reliance on loans and credit.
Only 0.7% of startup funding came from grants, reflecting limited non-dilutive capital support.
The high share of equity signals sustained investor belief in Africa’s startup ecosystem despite global headwinds.

African startups raised over $2B in 2024, led by financial services, with emerging sectors gaining traction

The financial services sector attracted the largest share of funding at $806.3m, accounting for more than 40% of total startup investment.
Renewable energy secured $377.1m, showing strong investor appetite for sustainable solutions in Africa.
Telecommunications raised $316.0m, while mobility & logistics brought in $222.8m, highlighting infrastructure-driven growth.
Electric vehicles ($87.9m), e-commerce ($50.3m), and crypto/blockchain ($35.3m) attracted meaningful investments, signalling diversification beyond traditional sectors.

Only once have Nigerian fintech startups raised more than $1 billion in a single year

In the past five years, Nigerian Fintech startups have received the most funding in the startup space, with over $1.01b raised in 2021, the highest in 14 years. Funding for the sector has since reduced following the raise in 2021.