Moove Africa has disclosed funding at least twice every year since 2021
In its second funding disclosure in 2024, Moove Africa has raised $100 million in a Series B round. The startup has disclosed funding at least twice yearly since 2021 and six times in 2022. The total disclosed funding now totals $444M.
AI startups are growing in the innovation race in 2024, with ten companies from Forbes' AI 50 list collectively securing $29.5b in funding. OpenAI dominates the landscape with an impressive $11.3b, surpassing all other startups. Following OpenAI is Anthropic, which raised $7.7 billion, signalling significant investor confidence in companies driving large-scale AI advancements. These two companies alone account for over half of the total funding of all Forbes AI 50 firms.
Databricks, a name synonymous with data infrastructure, comes in third with $4 billion in funding, emphasising the critical need for scalable data management systems in the age of AI. Meanwhile, Anduril, a defence technology innovator, secured $2.8 billion, showcasing how AI also shapes defence and national security sectors. Notably, the funding sharply drops after these four, with other companies raising less than $800m
Note: Forbes’ AI 50, in partnership with Sequoia and Meritech Capital, highlights the top private startups advancing AI with the most promising business applications.
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.
Moove Africa's total disclosed funding as of March 19, 2024, comprises 41.6% debt financing, 22.5% Series B, 19.8% Series A, 14.9% private equity, and 1.2% Seed round.
Of the total amount raised by Millionaire West African Startups (MWAS) between 2010 and 2019, startups with all male founders raised $1.4b, accounting for 79.9% and MWAS with at least a female co-founder on the team accounted for 20.1% of the total amount raised.
African startups raised $831 million in Q1 2023, about half of what was raised in the same quarter of the previous year. Financial Services startups accounted for 70% of the total amount raised in the quarter.
