Next Wave: What African startups need to win in the future
Venture funding in Africa dropped to $2.2 billion in 2024, a 25% decrease from the previous year. Only 385 startup ideas received VC backing in 2024, down from 600 in 2022.
Digital bank Umba raises $5 million to grow vehicle and SME lending in Kenya
Umba raised a $5 million debt facility to grow its secured lending operations in Kenya. The funding will target vehicle financing and small and medium enterprises (SME) loans.
2024 Startup Graveyard Report: Governance Gaps Contribute to High Failure Rates in Africa’s Startups
58 percent of startups fail due to financial difficulties. 27 percent fail due to operational issues.
2024: A Mixed Year for African Startups as Funding Shifts Toward Sustainable Growth and Profitability
Funding for African startups surpassed $2 billion last year, indicating a return to pre-pandemic levels. A notable drop in mega-deals has led investors to prioritize sustainable business models.
Here are Africa’s biggest startups based on valuation
Funding into African startups exceeded $2 billion last year, returning to pre-pandemic levels. A decline in mega-deals has led investors to prioritize sustainable business models.
