Amid a broader slowdown in funding for African tech startups, some investors continue to place strong bets on the continent's innovation potential. Defying the overall trend, these top 10 investors have remained steadfast in supporting African tech in 2024, fueling growth and driving transformation across various sectors.
by 
Bonface Orucho, bird story agency
Although funding to African tech startups has slowed in recent years, reflecting global trends, the continent continues to demonstrate resilience. By the first half of 2024, African startups had secured over US$1.1 billion in funding, according to Wee Tracker. Despite the overall dip, African investment surged, with US$1.67 billion injected through new funds during the same period.
Latest analysis by Africa: The Big Deal highlights the most active investors in Africa’s startup landscape for the first half of 2024. Notably, five investors completed at least one deal per month on average, a slight drop from seven in the first half of 2023 and significantly below the 33 deals recorded in the same period in 2022.
Here are the top 10 investors driving African tech growth in H1 2024, ranked by the number of deals closed.
Launch Africa Ventures Leading the pack in 2024, Launch Africa Ventures has solidified its presence as a key player in the African tech ecosystem. According to Laucnh Africa website, the investor has a portfolio of 133 deals in 22 countries with an all-time value of US$36.3 million. According to Big Deal, Launch Africa Ventures has closed a deal almost every other week in H1 2024, making them to being on track to match or surpass their 2023 total of 19 deals. Launch Africa ventures is headquarted in Mauritius.
Techstars After a record-breaking 56 deals in 2023, Techstars has slightly slowed down, securing 9 deals in H1 2024. Despite the drop, they remain a major global accelerator with a focus on nurturing African startups, providing them not just with funding but also mentorship and a vast network of resources. According to its website, the American investment group provides founders with a 3-month, mentorship-driven accelerator program, a US$120K investment, and access to the Techstars network for life.
54 Collective (formerly Founders Factory Africa) With a strategic rebranding in 2024, 54 Collective continues its impactful investments in African tech startups, making 7 deals in H1 2024. This collective approach is focused on nurturing innovation, with a strong commitment to scalable solutions across sectors like fintech and healthcare.
Catalyst Fund Catalyst Fund, with a reputation for backing inclusive fintech and climate-focused startups, made 7 investments in H1 2024. With the goal of matching their 13 deals from 2023, they are a critical player in backing African startups aimed at solving large-scale social challenges. The fund has invested in 81 companies across 19 markets since 2015.
Renew Capital Standing out in 2024, Renew Capital has already exceeded their 2023 deal count (5) with 7 investments in the first half of the year. Focused on early-stage investments across various sectors, they are recognized for their commitment to fostering economic growth in underdeveloped markets across Africa.
DFC (U.S. International Development Finance Corporation) DFC is increasingly emerging as a significant supporter of African tech, closing 5 deals in H1 2024—already surpassing their 2023 total. With a focus on advancing economic development, they invest in ventures that bring about social impact, making them a critical player in Africa’s tech expansion.
Baobab Network Known for accelerating the growth of early-stage tech startups, Baobab Network made 5 deals in H1 2024, surpassing their 2023 performance. They offer both capital and hands-on support, helping startups scale across the continent with a focus on fintech, healthtech, and edtech.
Y Combinator Y Combinator, a globally renowned accelerator, remains an influential player in African tech. Though quieter in H1 2024 with fewer than 5 deals, they are still poised to match their 12 investments from 2023. Their backing has propelled several African unicorns to global prominence.
Ventures Platform Known for its early-stage investments in African tech startups, Ventures Platform has been quieter in 2024 after an active 2023. Despite fewer than 5 deals in H1 2024, they remain a critical player in the ecosystem, especially with their focus on innovation in the fintech and digital infrastructure sectors.
Flat6Labs Despite a slower H1 2024, Flat6Labs is actively raising new funds and gearing up for more significant activity in the coming months. As one of the most active early-stage investors in North Africa, they are known for funding scalable solutions and running accelerator programs that connect startups with mentorship and investment.
