Overall, African startups pulled in $780 million (excluding exits) in the first half of 2024 according to a recent report by Africa: The Big Deal. It has been described as the quietest semester in terms of start-up funding in Africa since late 2020.
The total funding marks a 31% drop compared to the second half of 2023 and an even bigger 57% decline compared to the first half of 2023 when you factor in seasonality.
Per the report, two-thirds of this funding came from equity, with the other third being debt. Compared to the past (17% debt on average since 2019), this is a significant increase in debt funding.
By Adekunle Agbetiloye.
Full story at Africa Business Insider.
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