17 tech startups pulled in over $49.2M in venture capital investments in May 2024. The exact numbers cannot be determined as a number of the investment figures were undisclosed. By comparison, over $69.5M was invested in 14 tech startups all across Africa in April 2024.
Fintech remains a constant in the top three and returns to number one in May, tied to Logistics.. This is not surprising as The Big Deal reports that the sector that’s attracted most funding in 2024 so far is not Fintech but Logistics & Transport at $215M. Fintech has raised $158M so far this year in Africa.
South Africa remains a major investment destination for innovation in services; with the focus on cybersecurity last month. Senegal continues to prove to be a strong contender for venture capital funding in West Africa [particularly in innovations for Francophone Africa] with over $7M invested in May, while Ivory Coast returns; also building primarily for Francophone Africa.
Fintech and Logistics took the lead with four (4) investments each. Cloud, Cybersecurity, eCommerce, Healthtech, Identity, Marketplace, Proptech, Regtech, and Web3 all tied in second place with one (1) investment each – LAfricaMobile, Orca Fraud, Maad, AxMed, Seamfix, Tuzzo, BirdNest, Danaya, and Gamic, respectively.
