The 8 Serial Investors That Powered Africa’s Startup Ecosystem In 2024
Startup founders in Africa faced a significant decline in investments during 2024, driven by reduced interest and lower participation from investors compared to previous years.
Africa is frequently regarded as a region of immense untapped potential, attracting interest due to its youthful and rapidly growing population, expanding middle class, and rich natural resources.
Its demographic advantage, with a substantial portion of the population under 25, provides a rising workforce and an expanding consumer base, creating opportunities in industries such as technology, education, healthcare, and retail.
Africa’s swift adoption of technology continues to bolster its investment appeal. Innovations in mobile banking and fintech have transformed access to financial services, while sectors such as e-commerce, renewable energy, and agribusiness are flourishing by addressing local challenges.
These developments offer investors opportunities to support scalable and transformative businesses with significant potential for long-term growth.
According to the Startup funding tracking platform, Africa: The Big Deal, more than 520 investors participated in at least one $100k+ deal in Africa in 2024 (excluding grants and exits).
The report analyzed the investors behind over 400 businesses that raised $100k or more, noting a decline in activity compared to 2023, when over 610 investors were involved, and 2022, which saw over 1,000 investors—a figure more than double that of 2024.
Additionally, the number of investors participating in more than ten $100k+ deals fell from 28 in 2022 to just eight in 2024, mirroring the trend observed in 2023.
In 2024, 54 Collective led the rankings with 26 deals across Africa.
By the first half of the year, the firm ranked third among the most active investors, having closed seven deals.
Following closely, Techstars and Launch Africa, both consistently among the top eight investors since 2021, secured second and third positions, respectively.
As of H1 2024, Techstars had completed nine deals, while Launch Africa emerged as the most active venture capital firm with 12 deals during this period.
Catalyst Fund in fourth place also featured in the top eight investors for 2024, tying with 54 Collective for third place at mid-year, each accounting for seven deals.
Notably, apart from 54 Collective, all these investors experienced a decline in their deal participation in 2024 compared to the previous year.
The remaining top eight investors—Digital Africa, Baobab Network, Renew Capital, and EdVentures—showed a notable increase in their investment activities during this period. Renew Capital joined the list in H1 2024, tying with Catalyst Fund and 54 Collective for third place, with each completing seven deals.
Baobab Network was also highlighted as a leading investor in H1 2024.
The report clarified that the slowdown in investment interest on the continent was not due to investors exiting Africa.
“Yes, there were less investors active on the continent last year, and the most active investors were not nearly as active as they once were, yet it would be a mistake to jump to the conclusion that investors have abandoned the continent.” it noted.
Instead, it explained that some investors were less active simply because they were in the process of raising their next fund.
