African Tech Startups – Tech | Business | Economy https://techeconomy.ng Tech | Business | Economy Mon, 04 Aug 2025 11:05:49 +0000 en-GB hourly 1 https://wordpress.org/?v=7.0 https://techeconomy.ng/wp-content/uploads/2025/06/cropped-256Px-32x32.png African Tech Startups – Tech | Business | Economy https://techeconomy.ng 32 32 Are We Building for the Next Billion When the First Billion Can’t Eat? https://techeconomy.ng/are-we-building-for-the-next-billion-users-in-africa/ https://techeconomy.ng/are-we-building-for-the-next-billion-users-in-africa/#respond Mon, 04 Aug 2025 11:05:49 +0000 https://techeconomy.ng/?p=164346 We like to talk about innovation, scaling products and reaching “the next billion” users, but in Nigeria, more than 54% of people live below the poverty line. That means over 120 million Nigerians wake up each day without enough food, clean water, or access to basic healthcare.

Nonetheless, we’re told this is the next great frontier for digital innovation. Data usage is surging; there are over 150 million active SIMs, internet penetration stands at 45.4%, with 107 million Nigerians online, and smartphones more accessible than ever.

But there’s a disconnect: 39.4% of Nigerians still don’t have electricity. In rural areas, three out of four people are poor, and smartphone ownership drops to 26%.

So, who are we building for? And why are we so comfortable ignoring those we’ve left behind?

The Illusion of Scale

There’s a dangerous myth in our space, that if you just give people internet, you’ve solved development. Tech founders repeat it, investors reinforce it, and policies are built around it. But the truth is, many of the people we claim to be building for can’t afford the very solutions we’re scaling.

It’s easy to design for urban customers with smartphones and stable power. That’s where the numbers are clean. But those are not the people most in need. In rural communities, where poverty is deepest, there’s no broadband, no power, and sometimes no roads. Scaling tech without solving these underlying issues is lazy.

Capital Misalignment

Most of the money flowing into Africa’s tech sector doesn’t come from here. It comes from foreign funds chasing growth metrics. But these investors are not interested in slow, complex problems like hunger, education, or electricity. They want user growth, low acquisition costs, and recurring revenue.

That pressure distorts priorities. A fintech startup is more likely to build another payment app for salaried professionals than create tools for market women in Aba or farmers in Zamfara. Why? Because investors aren’t patient, and the people most affected by poverty don’t fit the growth model.

Some founders are just waiting to hit the right metrics to raise their next round, not to fix anything fundamental. That’s not innovation, it’s extraction.

Innovation Can’t Breathe Without Infrastructure

Let’s not complicate it. You can’t build digital products that require constant access to power when 40% of the population lives in the dark. You can’t build online learning tools when millions of children don’t even have chairs to sit on in school.

We usually act as if tech can leap over these problems, that it’s somehow immune to bad roads, poor electricity, and broken policy. But we’re wrong. Tech built on broken systems will break with them.

The numbers speak loudly; urban smartphone penetration is 59%; rural is just 26%. Electricity access is patchy, and in some states, entirely unreliable. How do you scale when the pipeline itself is fractured?

Rethinking What to Build

There are exceptions; founders working to solve real problems from the ground up. People building solar-powered solutions for last-mile clinics. Platforms that work offline. Logistics networks reaching places telcos haven’t bothered with.

These are not the loudest startups, but they’re the most needed. We need more of them. Not another super app, not another crypto platform, not another same-day delivery service for people with iPhones.

It’s time we stop copying what worked in California and start asking: what works in Kano? What do people in Ekiti actually need?

Who’s Responsible?

Everyone involved has a role to play: founders, investors, policymakers. Founders must be honest about their markets. If you’re not solving anything meaningful, at least stop pretending that you are. Investors need to stop funding startups with shallow solutions wrapped in fancy decks. Governments should stop outsourcing their failures to the private sector and actually invest in infrastructure.

If we keep ignoring these responsibilities, we will keep scaling noise, not impact.

Internet growth is not development, SIM cards don’t build schools, and data usage does not guarantee a better life.

Yes, tech is scaling fast; monthly data consumption hit 1 million terabytes in January 2025, nearly double from two years ago. But what is the point of that scale if the majority of people still live in hunger and darkness?

If we truly want to build for the next billion, we need to first address the poverty, hunger, and systemic neglect that define the lives of the first. We don’t need more platforms, we need power, schools and clean water.

Until then, “the next billion” will remain a fantasy that benefits everyone except the people it claims to serve.

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Thunder Code: African Founders Behind $120M Exit Return with $9M AI Testing Startup https://techeconomy.ng/thunder-code-african-founders-return-with-9m-ai-testing-startup/ https://techeconomy.ng/thunder-code-african-founders-return-with-9m-ai-testing-startup/#respond Wed, 04 Jun 2025 08:10:04 +0000 https://techeconomy.ng/?p=160021 A new innovator in the software testing space, Thunder Code, has raised $9 million in seed funding to build what its founders believe could become a unicorn in the AI tools ecosystem. 

Just six months after its inception, the company is already running pilot programmes in four countries, with paying customers on board.

Co-founders Karim Jouini and Jihed Othmani had already achieved what many African tech founders dream of, selling a startup for a huge sum. Their company, Expensya, was acquired by Swedish procurement software firm Medius in what insiders say was a deal worth over $120 million. 

After that, they swore off launching another company. Jouini even moved into a CTO role at Medius, leading the integration of six firms across three continents. But the itch returned.

We promised not to do another company because Expensya was too hard,” said Jouini. “But I think it’s like when people have two kids, they forget how hard the first one was. This new venture is less than six months old and already super intense, but we’re fired up. We’re convinced this is unicorn material.”

That fire led to the creation of Thunder Code, a software testing platform powered by generative AI. The product tackles what Jouini describes as the industry’s most annoying bottleneck—slow, manual testing that hinders fast software delivery. 

Their AI agents function like digital QA specialists, identifying bugs, testing interfaces, adapting to changes, and even learning from user feedback.

The idea took root during Jouini’s time at Medius. Watching how development teams struggled with outdated testing tools, he saw a pattern where testing was painful for everyone. That realisation led to Thunder Code’s mission to modernise testing across industries.

The team released its MVP in week six. “Now the product is much more solid six months in than Expensya was in year four,” said Jouini. Speed is a strategy. The startup’s execution playbook is built on lessons from Expensya, don’t overbuild, hire top talent early, and invest in what actually works.

Their approach is straightforward. Write test cases in plain English, let the system convert them to automated tests, use AI personas tailored to different use cases, accessibility, finance, UX, and get actionable feedback immediately. 

That alone has won the attention of QA leads and DevOps teams looking to escape the bloat of legacy testing platforms.

We’ve been using Thunder Code for our CI/CD pipeline management. The integration with GitHub was surprisingly smooth, and the automated test reporting has made our QA process much more efficient. Saved us countless hours of manual work,” said Mike L., a DevOps Engineer.

Thunder Code’s AI helps with creation and also keeps tests from breaking when apps change. Its auto-healing technology adapts on the fly, reducing test flakiness that usually wastes engineering hours.

The founders are positioning Thunder Code as lean and scalable. Jouini believes AI gives them an edge, not just in product, but in how the company operates. 

A lot of African entrepreneurs are scared to dilute capital because they want to keep 100%. We believe that if we create a unicorn while diluting ourselves, that’s good value,” he said. He also predicts the company can generate “10 times the value with fewer people” than traditional tech teams.

That lean model has helped them stand out in a market where both legacy players like Tricentis and BrowserStack and new entrants like Nova AI are still defining their next moves. Thunder Code is moving faster and also willing to go broad, with plans to expand beyond web to mobile, desktop, and API testing by late 2025.

Backers from the Expensya days are showing up again. Investors include Silicon Badia, Jaango Capital, Titan Seed Fund, and angels like Roxanne Varza (Station F) and Karim Beguir (Instadeep). 

Even former Expensya employees who profited from the last exit are putting money back in. “Some of our investors are actually Expensya employees and I’m glad it worked out that way,” said Jouini.

Headquartered in Paris with a second office in Tunis, Thunder Code enters a competitive field with real traction, real customers, and a strong sense of purpose. 

For Jouini and Othmani, this is a second attempt at building something far larger than before, faster, and designed for a new phase of software development.

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The Silent Partner: How PR Shapes African Tech Growth https://techeconomy.ng/the-silent-partner-how-pr-shapes-african-tech-growth/ https://techeconomy.ng/the-silent-partner-how-pr-shapes-african-tech-growth/#respond Fri, 25 Apr 2025 08:00:24 +0000 https://techeconomy.ng/?p=157440 Africa’s technology ecosystem is undergoing a remarkable transformation, one that is capturing attention across the globe. 

We are witnessing a stupendous growth of tech entrepreneurs across the continent, tackling challenges in finance, healthcare, education, infrastructure, etc. 

Amid the growing excitement surrounding funding and expansion in the region’s tech space, an often-overlooked force plays a vital role in the success of these ventures: public relations (PR). 

Think of PR as the bridge between brilliant innovations and meaningful human connections. Yet, many African tech innovators come to this realisation only after facing setbacks.

This leads to a critical question: in a time when African tech is finally claiming its place on the global stage, why do so many brilliant innovators overlook the power of strategic PR—until it’s too late?

The continent’s tech ecosystem is an exciting space where competition is intense, resources are stretched thin, and visibility is priceless. For many innovators, the focus is often on product development, and rightfully so. Funding comes next; after all, without capital, even the best ideas can wither before they take flight. 

Strategic communication is often overlooked in the pursuit of innovation and excellence. In a crowded market, even the most groundbreaking product needs more than just functionality—it needs a compelling story. 

This is where PR makes the difference. PR goes beyond press releases and media coverage; it’s about shaping a narrative that connects with stakeholders and builds credibility and trust.

Without strategic PR, even the most groundbreaking innovation can struggle to earn user trust and scale,” says Joyce Imiegha, a PR expert and founder of Reneé Agency, a PR agency on a mission to amplify the voices of African tech innovators.

Imiegha, who has helped numerous African startups transform from unknown entities to industry leaders, understands this all too well. Her approach isn’t just about securing media coverage; it’s about creating a narrative that positions startups as credible, trustworthy, and relevant in the ecosystem.

Joyce Imiegha: Architect Behind Brand Storytelling

When you think of PR in the African tech scene, few names stand out as much as Joyce Imiegha. With a rich background in marketing, communications, product management, and psychology, Imiegha has built a reputation as a trusted architect of successful brand storytelling. 

What sets her apart is her ability to turn complex, technical ideas into clear, relatable narratives that resonate with media, investors, and everyday people alike.

One example of her approach in action is her work with an edtech startup using AI to make K–12 lessons more engaging and interactive. Despite its innovative approach to transforming education, the brand struggled to connect with potential users who found the idea of AI complex and difficult to grasp.

We leveraged a lot of storytelling and strategic media engagement to support the founders in articulating their mission, vision, and real-world impact in a way that resonated with all stakeholders—schools, teachers, and students,” she explains. 

Imiegha also worked closely with the CEO, equipping him with the tools to effectively communicate the company’s value, ensuring their product was more accessible to key users, especially children and educators.

Reputation management is one of PR’s most important yet underappreciated roles in the tech industry. Too often, it only gets the attention it deserves when something goes wrong. In emerging markets like Africa, where trust is hard to earn and easily lost, credibility can make or break a startup. Imiegha knows this well and helps founders stay ahead by managing perception before it becomes problematic.

When a client startup was forced to shut down due to external challenges, its founder suddenly became the target of intense media scrutiny. 

The narrative quickly shifted from the broader industry challenges to personal attacks on his leadership and the company’s operations. Sensing the need for a thoughtful, strategic response, Imiegha recommended a temporary pause in media engagement to assess the impact of the media coverage and regroup. 

That careful, measured approach helped shift the narrative, allowing the founder to regain control of the narrative and shift the conversation in a more constructive direction.

“We took the time to assess the narrative and carefully document our responses to the attacks and accusations being made,”Imiegha explains. “Once we understood the full scope, we engaged a neutral media platform where the founder could share his side of the story in his own words, ensuring there would be no misinterpretation or sensationalism. It also allowed his audience to connect with him, empathise with the real reasons behind the shutdown, and reinforced his credibility within the ecosystem.”

Reputation management isn’t just about handling crises; it’s about building a foundation of trust that lasts. For Imiegha, the emotional weight of trust in the public eye can’t be underestimated. Her careful, measured approach helped shift the narrative, allowing the founder to regain control and steer the conversation in a more positive, constructive direction.

PR: The Force Behind Trusted Brands

As Africa’s tech industry grows, PR has moved from optional to absolutely essential. It is critical to how our innovation is communicated and received globally, transforming great ideas into trusted brands.

“I’ve seen brilliant ideas overlooked simply because they weren’t communicated the right way,” Imiegha explains. “For me, storytelling isn’t just about visibility—it’s about highlighting the purpose behind the technology and helping startups build genuine connections with their audience.”

With experts like Joyce Imiegha, it’s clear that the future of tech in Africa is shaped not only by innovators and investors but by the storytellers who ensure the world is listening.

Founders who invest in strategic public relations aren’t just setting their products up for success; they’re investing in their reputation, visibility, and long-term growth.

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Apply: Doors Open for 2025 Google for Startups Accelerator Africa https://techeconomy.ng/apply-doors-open-for-2025-google-for-startups-accelerator-africa/ https://techeconomy.ng/apply-doors-open-for-2025-google-for-startups-accelerator-africa/#respond Thu, 17 Apr 2025 12:15:33 +0000 https://techeconomy.ng/?p=157023 Google has thrown open the doors for applications to its 2025 Startups Accelerator Africa programme — a three-month journey designed to support Africa’s most promising tech startups

This hybrid initiative is aimed at startups between Seed and Series A stage that are solving tough problems with technology.

If you’re building a scalable solution that uses advanced tech to tackle local or global challenges, this could be the most important application you submit this year.

Benefits

Selected startups will receive equity-free support throughout the programme. That means you get help — not bills. But there’s more:

  • Access to Google experts: Work directly with Google engineers, product managers, and mentors to overcome your toughest technical challenges.
  • Up to $350,000 in Google Cloud credits: These are not just perks — they’re real tools to help you scale faster and smarter.
  • Strategic support: Founders are guided on product strategy, business development, customer acquisition and leadership.
  • Specialist deep dives: Gain insight through hands-on sessions covering product design, growth, machine learning, and more.
  • Exclusive training: Bootcamps and workshops, tailored to your needs.
  • Cloud TPU access: Participants also get 30 days free use of Google’s TPU Research Cloud — a rare opportunity for AI and ML-driven startups.
  • Demo Day: Graduating teams will present to Google teams, partners, and the wider startup ecosystem — a potential springboard to new partnerships or investment.

Eligibility

Not every startup will make the cut. Here’s what Google is looking for:

  • Stage: Seed to Series A funded startups.
  • Product: Scalable technology solutions with a clear growth model and measurable market opportunity.
  • Tech: Startups using advanced technology, especially AI or machine learning, are preferred.
  • Team: A committed CTO or senior technical lead must be fully engaged throughout the programme.
  • Location: Startups operating across Africa are welcome. Google is also committed to diversity and encourages applications from underrepresented founders.

How to Apply

Here are details to apply for the 2025 Google for Startups Accelerator Africa:

  • Application Deadline: 9 May 2025
  • Programme Start: June 2025
  • Demo Day: August 2025

Founders ready to take the leap can apply directly via the Google for Startups Accelerator Africa website. Applications are reviewed on a rolling basis, but don’t wait until the last minute — this is a highly competitive programme, and space is limited to just 10–15 startups.

If your startup is building an innovation, this is your chance to build it better — with Google by your side.

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AfCFTA: Nigeria Moves to Make African Expansion Easier for Local Tech Companies https://techeconomy.ng/afcfta-nigeria-moves-to-make-african-expansion-easier-for-local-tech-companies/ https://techeconomy.ng/afcfta-nigeria-moves-to-make-african-expansion-easier-for-local-tech-companies/#comments Mon, 14 Apr 2025 14:22:31 +0000 https://techeconomy.ng/?p=156804 The Federal Government has launched a new initiative to support digital service providers looking to expand into other African countries. 

Led by the Ministry of Industry, Trade and Investment, the initiative starts with a request to fill out a survey. The Ministry wants to know which countries Nigerian digital businesses are interested in, what kind of services they offer, and what roadblocks they face. 

With that information, the government plans to steer its trade discussions under the African Continental Free Trade Area (AfCFTA) toward those countries—ideally opening up space for Nigerian companies to grow across the continent.

Minister of Industry, Trade and Investment, Dr. Jumoke Oduwole, explained the reason behind the move. “This is because, unlike physical goods and traditional services, digital services don’t fit neatly into existing trade categories,” she said. 

Nigeria is, therefore, championing digital trade services and is pioneering a simple, clear framework that both businesses and governments can understand.”

That problem—digital services not fitting into any clear box—has long discouraged Nigerian companies trying to operate beyond the country’s borders. It’s not yet clear what regulations apply, who issues licences, or how long the process should take. Many are left waiting for answers that don’t come.

Dr. Oduwole added, “It’s like creating a common language that helps everyone to get on the same page about what these services are and how they should be treated. The transformative benefits for Nigeria include unlocking new markets.”

The Ministry also plans to create a database of digital service providers—something Nigeria has never done before. This registry will map their expansion goals and give a clearer picture of the challenges they face. According to the Minister, the outcome could help Nigeria move from reacting to trade policy, to shaping it.

Some Nigerian companies have already made progress. Flutterwave now operates in countries such as Ghana, Kenya, Uganda, South Africa, and Tanzania. Paystack has also expanded to Ghana, South Africa, and Kenya. Interswitch maintains a presence in several African cities. But they are the exceptions. For many others, licensing procedures and unclear frameworks have slowed them down.

At the same time, Nigeria has been working to improve its digital economy at home and ensure tech expansion. There’s already a national policy focused on expanding broadband access, e-commerce systems, and digital financial services. 

These steps aim to improve Nigeria’s standing in Africa’s growing digital economy—one that’s expected to contribute $180 billion to the continent’s GDP by 2025, and over $700 billion by 2050.

Still, the challenges are obvious. Over 70% of people in rural parts of Africa don’t have access to the internet. Infrastructure is weak in too many areas. If Nigerian businesses are to scale across the continent, that gap has to close. Projects like this one, if properly followed through, might help.

There’s also a wider conversation happening. Nigeria, along with countries like Kenya and Rwanda, is trying to shape how digital trade works in Africa. 

The African Digital Economy & Inclusivity Conference (AFDEIC 2025), scheduled to take place soon, will focus on key themes like financial access, responsible data sharing, and how to manage the growth of digital systems across the continent.

Meanwhile, Nigeria’s recent decision to categorise cryptocurrency as securities under the new Investment and Securities Act (ISA) 2025 shows a bigger dynamic. It points to a more structured approach to digital services and may play a role in supporting cross-border trade in the near future.

For now, the government is calling on all local digital service providers to participate in the official survey. The responses will guide future negotiations and could remove some of the obstacles these companies currently face, ultimately ensuring local tech expansion beyond Nigeria.

The survey is available here.

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Flutterwave CEO’s Resilience17 Aims to Fill a Major Gap for African Tech Startups with Go Time AI https://techeconomy.ng/flutterwave-ceo-resilience17-african-tech-startups-go-time-ai/ https://techeconomy.ng/flutterwave-ceo-resilience17-african-tech-startups-go-time-ai/#respond Mon, 03 Feb 2025 16:44:54 +0000 https://techeconomy.ng/?p=152428 Resilience17, an African venture studio and fund, originally founded as Berrywood in 2021 by Flutterwave CEO Olugbenga “GB” Agboola, is working to bridge a huge gap for African founders with a new accelerator programme, Go Time AI. 

The accelerator, which was unveiled in 2024, aims to support startups building AI-driven products across Africa. With a solid focus on promoting innovation, Resilience17 is offering up to $200,000 in funding and mentorship to selected startups, taking an 8% equity stake in return.

Resilience17 rebranded to strengthen its focus on African technology entrepreneurship. Over the past few years, the fund has grown its portfolio with companies like Klasha, Pivo, and Bamboo. 

Now, with the Go Time AI initiative, it is targeting sectors such as artificial intelligence. The accelerator seeks to provide the financial support, infrastructure, and expert guidance that African AI startups need to scale and compete globally.

General Partner of Resilience17, Hasan Luongo, said despite challenges acutely highlighted in 2024, Nigeria is set to continue leading as a global technology hub and can lead in AI. “We launched Go Time AI to prove this thesis. After the last 4 months working closely with the 1st cohort of AI companies, that conviction has only become stronger,” he stated.

The accelerator’s first cohort, which started in early 2024, saw five startups join the programme. These startups—Catlog, Sahel AI, Tyms, AI Teacha, and FriendNPal—are working on innovative solutions such as AI-powered customer service bots, contract review tools, accounting software, educational aids, and mental health platforms. 

As part of the programme, each of these startups received $25,000 in initial funding, with the potential for up to $175,000 more in subsequent rounds.

Unlike other accelerator programmes, Go Time AI does not operate with a fixed cohort size, allowing it to remain flexible and open to new startups. 

The programme also offers a unique mix of resources, including cloud credits, API services, and regular mentoring sessions. Participants also have access to “Office Hours,” where they engage directly with seasoned entrepreneurs and experts to discuss technical challenges, growth strategies, and product development.

Luongo further explained the accelerator’s approach, saying, “Our goal was not to teach founders how to run a company but specifically narrow the focus on what we see as the most important things any early-stage companies should be focused on. Building a world-class product experience and getting users into the product and to the magic moment where they see clear value.”

The Go Time AI accelerator aims to fill a huge gap for African founders, providing both capital and needed mentorship, technical expertise, and networking opportunities. With AI technology growing fast and being a global discourse, Resilience17’s initiative helps African startups to lead in this unique space.

Applications for the second cohort of the programme will open in May 2025, and Resilience17’s impact is expected to grow as more startups gain the resources they need to succeed in the AI industry.

Through its support for the next generation of African innovators, Resilience17 is stimulating resilience—one of Africa’s greatest strengths—and Go Time AI is essential to scale through the challenging, yet exciting, road to success.

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Kenya Accounts for 32% of $780m Raised by African Tech Startups in H1 2024 https://techeconomy.ng/kenya-accounts-for-32-of-780m-raised-by-african-tech-startups-in-h1-2024/ https://techeconomy.ng/kenya-accounts-for-32-of-780m-raised-by-african-tech-startups-in-h1-2024/#comments Sat, 06 Jul 2024 09:43:44 +0000 https://techeconomy.ng/?p=135930 Kenya has been reported as the choicest destination for funding, attracting $244 million of the $780 million raised by African tech startups in the first half of 2024.

The African startup funding winter has continued to bite harder as African tech startups raised $780 million in the first half of 2024 This was disclosed in the first half funding report by African funding analytics company, Africa the Big Deal.

The total H1 2024 funding represents a 31% decline from the total funding attracted in the second half of 2023. But it looks even worse if compared with the total funding numbers from the first half of 2023, representing an even steeper 57% decline.

Indeed, African tech startup funding between January and June 2024 is the lowest recorded since the second half of 2020, indicating how much funding into the continent continues to decline.

Two-thirds of the total $780 million funding ($513 million- representing 66%) was raised using equity. This is an improvement compared to only 60% in 2023. 33% came in the form of debts, a decline compared to 38% in 2023. 1% of the total funding came in the form of grants.

Two-thirds of this funding was in the form of equity, and a third was debt. As for 2023, this is a much higher share of debt than what we’d been seeing in the past (17% on average since 2019),” the report says.

Coming closely behind Kenya, was Nigeria which became second with $172 million – representing 23% of the total.

Egypt accounted for $101 million of the total funding representing 13% while South Africa rounds off the Big 4 with $85 million attracted in funding representing 11% of the total.

Together, the Big 4 tech startup ecosystems raised $602 million of the total $780 million raised on the continent between January and June 2024. This represents 79%of total funding.

“4 out of 5 dollars invested in start-ups in Africa went to ventures based in the Big Four. This is high, but not the highest we’ve seen (92% back in H1 2023). A third of all the funding went to Kenya alone,” the report noted.

Other African countries that attracted at least 10 million in funding include the Benin Republic with $50 million, Ghana with $29 million, Uganda with $19 million, Morocco with $14 million, and Senegal with $11 million.

The Transport and Logistics sector has continued to edge financial technology, attracting $218 million. This represents an outstanding 28% of the total H1 2024 funding. This was bolstered by two of the three largest deals announced in H1 (Moove and Spiro) belonging in that space.

The Fintech sector attracted $186 million representing 24% of the total while Energy and Water raised $132 million representing 17% of the total.

Though fintech came only second in the amount raised, it stayed in the lead in terms of the number of start-ups raising $1 million or more during the period (30).

Despite best efforts to bring some degree of gender parity into the African tech startup funding space, it appears male-led startups have continued to dominate the space. In the first half of 2024, 85 % of the funding went to startups without a single female founder on the team.

Similarly, 92 % of the funding went to startups with a male Chief Executive Officer (CEO). In total, 98% of the funding went to startups with at least one male founder while only 15% went to startups with at least one female founder. Only 8% of funding went to startups with a female CEO.

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