Egypt Leads African Startup Landscape With $329M Raised in 2024

Despite a challenging year for Africa's startup landscape, Egypt has maintained its leadership in the continent's entrepreneurial scene, securing $329 million in venture capital funding in 2024.

While this represents a 21% decline from the previous year, Egypt accounted for more than a third of Africa’s total venture capital funding, according to Magnitt’s FY 2024 venture investment summary. One notable example was MNT-Halan’s $157.5 million funding round, which not only topped Egypt’s funding efforts for the year but also emerged as the largest funding round across Africa and the broader MENA region.

However, the broader trend for African startups in 2024 was one of contraction. Total funding across the continent fell sharply to $1.1 billion, a 44% drop compared to the previous year. The number of funding rounds also declined, with only 294 rounds closed, a 39% decrease from 2023.

In addition to the drop in funding amounts, the number of investors in Africa's startup ecosystem saw an 18% year-over-year decline, leaving 385 active investors in the region. The number of exits also saw a decline of 27%, with only 22 exits recorded in 2024.