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Moove Leads African Startups’ $466m Fundraising In Q1 2024—Report

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The rise in many startups having their roots in Africa is a testament that Africa is indeed not lagging in the race for technological representation in the grand scheme of things as adversely portrayed by the media.

Nigeria on the other hand is one of Africa’s foremost countries taking the bull by the horn with their giant strides in this ever-growing and competitive technological space.

According to the Q1 2024 funding report released by the research firm, ‘Africa: The Big Deal’ African startups raised $466 the million in Q1 2024.

The latest report on African startup funding in Q1 disclosed that a total of $466 million was raised, facilitated by 121 startups securing deals worth $100,000 or more. This figure, however, marked a 27% decrease compared to the previous quarter and was only half of the amount raised in Q1 of 2023.

Remarkably, only one African startup, Moove, managed to raise over $25 million in Q1 2024. Moove, a Nigerian mobility startup, accounted for a significant portion, 24%, of the total funds raised by African startups during the first quarter of the year. Moove’s fundraising efforts amounted to $110 million, including a noteworthy $100 million Series B round led by Uber.

Breaking down the funding by sector, the transport and logistics industry emerged as the leader in terms of the total amount raised, largely due to Moove’s substantial deals, which comprised nearly three-quarters of the sector’s total. Fintech followed closely behind.

In terms of deals surpassing $100,000, fintech claimed the top spot, with Agri & Food ranking second. ClimateTech, spanning across various sectors, represented 31% of deals exceeding $100,000 and 27% of the total investment amount.

Equity funding constituted the majority of disclosed funding by African startups in Q1, accounting for 71%, while debt accounted for the remaining 29%. Although equity funding remained stable quarter-over-quarter, the amount of disclosed debt was halved between Q4 2023 and Q1 2024.

A deeper dive into the report highlighted a continued trend of funding favoring male-founded and male-led ventures, with less than 1% allocated to startups lacking at least one male founder and only 6.5% directed towards female CEOs.

Additionally, the report revealed seven notable exits in the last quarter, including HRtech PaySpace’s acquisition by Deel (amount undisclosed but rumored to exceed $100 million) and fintech nCino’s acquisition of DocFox for $75 million, both in South Africa.

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We are the same, we may only be different in our experiences, values and exposures. Technology is a big part of my experience, learning is one of my values and writing my credible means of exposure.
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