Start-up investments in Africa have surpassed $1 billion in 2024, according to Africa: The Big Deal. Earlier in the month, a report showed that the ecosystem closed the first half of 2024 with just under $800 million raised (excluding exits).

It has been described as the quietest semester in terms of start-up funding in Africa since late 2020.

However, things progressed quicker than expected due to two major deals announced since mid-month: d.light, a solar energy company, secured a new $176 million securitization facility, and MNT-Halan, a microfinance lending and payment company, raised $157.5 million to support their expansion.

Including NALA’s $40 million Series A funding from earlier this month, along with other smaller transactions, the total amount raised in July nears $400 million. This makes July 2024 the most successful month for fundraising in Africa in over a year, exceeding the total amount raised in Q2 2024.

While the pace of investments has not yet fully matched the levels seen in the past three years (the $1 billion mark was reached in May 2021, in April 2023, and as early as February 2022), this news is encouraging.

It indicates that 2024 may ultimately deliver stronger results than 2019 and 2020, years often used as benchmarks when the $1 billion mark was only reached in November. In fact, start-ups in Africa have already raised more funding than they did in 2020.