Nigeria accounted for 14% of the total as African startups raised $56 million in August 2024
- Waza secured $8 million in funding, including a $3 million seed equity round and $5 million in debt financing.
- Nigeria accounted for 14% of the total $56 million raised by African startups in August.
- August 2024 recorded only 27 startups announcing funding, significantly lower than the monthly average of over 40.
The significant decline in funding for African startups, particularly in Nigeria, raises concerns about the sustainability of the startup ecosystem in the region. The shift in funding dynamics, with Kenya now leading, suggests that Nigerian startups may need to adapt their strategies to attract more investment and regain their competitive edge.
