2024: A Year of Uncertainty and Diverse Prospects for African Startups After a Challenging Previous Year
African tech startups faced challenges in securing venture capital, leading to bridge rounds, fire sales, layoffs, and closures. The decline in VC funding has particularly affected growth-stage companies.
Last year was a tough period for African growth-stage startups and 2024 presents a mixed bag
South Africa's WhereIsMyTransport and Kenyan logistics company Sendy shut down after failing to raise fresh funding. Chipper Cash and Cellulant conducted layoffs due to the cash crunch.
10 African startups that have closed during the “funding winter”, and some that are battling on
Venture capital funding globally almost halved in the first six months of 2023. African tech startups raised just shy of US$500 million in Q3, down 48% compared to the previous year.
South African startup GoMetro gets £9M for its fleet management optimization software
GoMetro has raised £9 million in a Series A funding round led by Zenobē Energy. The collaboration aims to enhance the capabilities and services offered to Zenobē's customer base.
SA startup WhereIsMyTransport is shutting down, cites lack of funds
WhereIsMyTransport is shutting down after failing to raise new funding. The startup had raised over $27 million in funding and had mapped 50 cities across Africa, Latin America, Southeast Europe, and Asia.
