In September Ghana and Nigeria recorded GDP growth while Kenya, Egypt and Morocco recorded a decline. While Kenya and Nigeria saw their inflation rates easing, Egypt, Morocco and Ghana recorded hikes. Nigeria raised its MPC rate for the fifth time this year. Ghana lowered its rate while the rest maintained same rates as in August. Morocco has the highest unemployment rate while Ghana has the lowest.
September was a busier month for VC compared to August, with 22 startups raising over $83M in venture capital, compared to 13 startups that raised $65M in August. Morocco was notable for recording 2 startups raising capital in September, the first time since June.
There was less startup activity in the form of mergers, acquisitions, partnerships and rebrands in September (3) compared to August (6). Notable in this month is the combined total of $50M allocated for startup growth in Africa by Uncap and South Africa’s SME Fund.
Global funding developments are expected to keep shaping Africa’s investment future, with the US and China showing significant commitment to supporting African businesses. However, the EU is slashing funding to Africa.
September recorded a higher number of startups (22) raising capital than August (13), with the amount raised being $19M more than that raised in August ($65M).
Egypt is back to the top, leading in both the number of startups that raised capital in September (5) and the amount of VC raised (58.2M).
Morocco recorded startups raising capital for the first time in 3 months.
Fintech continues to have the highest number of startups (7) receiving VC funding. However, there was more funding in healthtech and clean energy compared to previous months.
VC analysis by Disrupt Africa shows that Q3 2024 saw African startups raise a total of $306M, taking the total for the first nine months of the year to US$836.5M. This is down 40% compared to the same period last year.
