{"id":41175,"date":"2024-07-30T15:18:08","date_gmt":"2024-07-30T15:18:08","guid":{"rendered":"https:\/\/abujacityjournal.com\/livenews\/?p=41175"},"modified":"2024-07-30T15:18:08","modified_gmt":"2024-07-30T15:18:08","slug":"african-startup-funding-tops-1-billion-in-2024","status":"publish","type":"post","link":"https:\/\/abujacityjournal.com\/livenews\/2024\/07\/30\/african-startup-funding-tops-1-billion-in-2024\/","title":{"rendered":"African Startup Funding Tops $1 Billion in 2024"},"content":{"rendered":"<p><strong>By Emmanuel Ogbodo<\/strong><\/p>\n<p>In 2024, African startup funding has exceeded $1 billion, reaching this milestone two months later than in 2023, according to Africa the Big Deal, an analytics firm specializing in African startup investments. Although this achievement arrived later than the previous years\u2014May 2023 and February 2022\u2014the milestone was reached sooner than expected.<\/p>\n<p>The surge in funding was driven by two major investments in July. Kenyan clean energy firm d.light secured a $176 million securitization facility from African Frontier Capital. This multi-currency facility aims to provide renewable energy to about six million people in Kenya, Uganda, and Tanzania over the next three years.<\/p>\n<p>Additionally, Egyptian unicorn MNT-Halan raised $157.5 million, including a $40 million contribution from the International Finance Corporation (IFC). Other investors included Development Partners International (DPI), Lorax Capital Partners, Apis Partners LLP, Lunate, and GB Corp. This capital injection is expected to support MNT-Halan\u2019s geographical expansion.<\/p>\n<p>According to Africa the Big Deal, \u201cThe $1 billion milestone for 2024 has been achieved! The ecosystem ended H1 2024 with nearly $800 million raised, and the crossing of the $1 billion mark was accelerated by two significant deals announced in July.\u201d<\/p>\n<p>July is poised to be the most successful funding month of 2024, with expected funding nearing $400 million, surpassing the total raised in the entire second quarter. This marks July as the most successful month for fundraising in Africa in over a year.<\/p>\n<p>Despite this progress, the continent has faced a funding downturn, with a significant drop in venture capital investments since late 2022. Funding in the first half of 2024 totaled $780 million, a 31% decrease from the second half of 2023 and a 57% drop from the first half of 2023, marking the lowest level since the second half of 2020. However, the recent funding spike suggests a potential recovery.<\/p>\n<p>The report indicates that while investment levels have not yet matched the highs of previous years, this development is promising. It suggests that 2024 might eventually outperform the results of 2019 and 2020, when the $1 billion mark was reached only in November. Notably, funding in 2024 has already surpassed the total raised in 2020.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>By Emmanuel Ogbodo In 2024, African startup funding has exceeded $1 billion, reaching this milestone two months later than in 2023, according to Africa the Big Deal, an analytics firm specializing in African startup investments. Although this achievement arrived later than the previous years\u2014May 2023 and February 2022\u2014the milestone was reached sooner than expected. The [&hellip;]<\/p>\n","protected":false},"author":13,"featured_media":41176,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[172],"tags":[],"class_list":["post-41175","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"aioseo_notices":[],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts\/41175","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/users\/13"}],"replies":[{"embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/comments?post=41175"}],"version-history":[{"count":1,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts\/41175\/revisions"}],"predecessor-version":[{"id":41177,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts\/41175\/revisions\/41177"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/media\/41176"}],"wp:attachment":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/media?parent=41175"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/categories?post=41175"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/tags?post=41175"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}