African startups raised $83 million in January 2024
- African startups raised only $83 million across 31 disclosed deals in January 2024, marking an 84.8% year-on-year drop.
- The agritech, cleantech, and healthtech sectors received the highest funding.
- Swvl and TymeBank reported their first-ever net profits.
The decline in funding for African startups in January 2024 is concerning, indicating a slowdown in investment. However, the underlying growth of the African tech ecosystem remains stable. Startups in sectors like agritech, cleantech, and healthtech continue to attract funding. The pivot and shutdowns of some startups highlight the challenges and need for adaptability in the market. The steps taken to fight mobile money fraud and the launch of Google's cloud region in Africa show positive developments. The approval of Egypt's first 5G license also signals progress in the country's telecommunications sector.
