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Kenya and Egypt have solidified their positions as Africa’s top start-up funding destinations, collectively securing 75% of all investments in the third quarter of 2024. These two nations are firmly established as the continent’s leading tech hubs, reflecting their growing dominance in the African innovation ecosystem.
Egypt led the funding surge with $272 million in investments, closely followed by Kenya, which attracted $201 million. While these two powerhouses took the lion’s share, other African markets also made notable progress. Tanzania, South Africa, Ghana, and Nigeria each secured over $10 million in start-up funding during the same period. Additionally, ten countries reported at least one deal worth $100,000 or more, while 38 markets saw no significant start-up funding activity.
In the broader 2024 landscape, Kenya and Egypt have continued to dominate, accounting for 58% of total funds raised so far this year—a record high since 2019, surpassing previous full-year and Q1-Q3 performances.
However, Nigeria and South Africa, historically part of Africa’s “Big Four” start-up ecosystems, have seen a noticeable decline in their funding shares. Nigeria’s share increased slightly to 15%, but it remains far below its 35% average from 2019 to 2022. South Africa’s share has dropped to just 9%, marking its lowest since 2019.
Meanwhile, only 18% of total funding has gone to the rest of Africa, with 23 markets closing at least one $100k+ deal. Despite the overall growth in funding, gender disparities persist. In 2024, less than 5% of total investments went to start-ups led by female CEOs, a decline from the 5.6% average between 2019 and 2023, highlighting the ongoing challenges in achieving gender equity in the African start-up scene.
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