African Tech Startups in 2024: Mergers, Expansions, and Funding Challenges
- 39 mergers and acquisitions (M&A) deals occurred in Africa's tech industry in 2024, a 34% increase from 2023.
- Southern Africa led with 16 startups being acquired, followed by West Africa with 10, East Africa with 7, and North Africa with 4.
- The most significant deal was the merger of Kenyan startup Wasoko with Egypt’s MaxAB in August 2024.
The surge in M&A activity reflects a strategic response to funding challenges faced by African startups. While consolidation may provide a pathway to sustainability, the ongoing financial strain and layoffs indicate deeper systemic issues that need addressing. Future predictions of recovery hinge on external economic factors, highlighting the need for resilience in the face of uncertainty.
