As the third quarter of 2024 comes to a close, the African startup ecosystem stands resilient in the face of global economic shifts and a prevailing investment slowdown. Despite the challenges, the continent’s entrepreneurial landscape continues to thrive.
With a focus on scalable, tech-driven solutions, African startups are attracting significant attention from both local and international investors.
This blog post explores the top 20 investors who have actively backed African startups in 2024. These investors are not only pouring capital into the ecosystem but are also bringing their expertise, networks, and guidance, all of which are essential for driving sustainable growth on the continent.
1. KfW DEG
KfW DEG, a German investment corporation, is committed to fostering sustainable development across emerging markets. DEG has actively supported African startups, especially in impact-driven sectors like Agtech and Healthtech.
| Industries | Agtech, Fintech, Healthtech |
| Number of Investments (2024) | 23 |
| Investment Stages | Series A, Series B |
| Remarkable Portfolio Companies | Aspen Pharmacare Holdings Limited |
| Regions of Focus | West Africa, Southern Africa |
2. Techstars
Known for its accelerator programs worldwide, Techstars has been a consistent supporter of African tech startups, particularly in Fintech and Healthtech.
Through its initiatives, Techstars has helped many African startups gain international exposure and access to global networks.
| Industries | Fintech, Healthtech, SaaS |
| Number of Investments (2024) | 18 |
| Investment Stages | Seed, Pre-Series A |
| Remarkable Portfolio Companies | LyfPlus |
| Regions of Focus | West Africa, Southern Africa |
3. Digital Africa
Description: Digital Africa is an initiative aimed at fostering the growth of the digital economy across the African continent.
It provides funding and resources to startups that leverage technology to drive growth in various sectors, including fintech and e-commerce.
| Industries | Fintech, Healthtech, E-commerce |
| Number of Investments (2024) | 17 |
| Investment Stages | Seed, Series A |
| Remarkable Portfolio Companies | YAPILI, SokoFresh |
| Regions of Focus | Pan-African |
4. Launch Africa Ventures
Description: With a decade-long track record of venture building alongside some of the smartest founding teams in Africa, Launch Africa Ventures is a prominent investment fund focusing on early-stage African tech startups.
Its mission is to provide hands-on support and mentorship, alongside capital, to help startups scale and achieve their growth potential.
| Industries | Fintech,Agritech, AI, Gaming Tech, InsureTech, PropTech, Mobility |
| Number of Investments (2024) | 14 |
| Investment Stages | Seed, Pre-series A |
| Remarkable Portfolio Companies | Logistify, Octavia Carbon,Kredete, Bosso |
| Regions of Focus | Pan-African |
5. Baobab Network
Description: Baobab Network is an accelerator and venture capital firm dedicated to empowering African tech startups with funding, mentorship, and hands-on operational support.
The firm focuses on early-stage ventures, helping startups from product development through to growth and scalability.
| Industries | Fintech, Edtech, Agritech,PropTech,HealthTech |
| Number of Investments (2024) | 14 |
| Investment Stages | Seed, Series A |
| Remarkable Portfolio Companies | Rentscore, Buyam, Swyft, EnvoyX |
| Regions of Focus | East Africa, Southern Africa, West Africa |
6. Mastercard
Description: Mastercard is a global leader in technology and payment processing, with initiatives focused on supporting innovation in the African startup ecosystem.
Through various investment programs, Mastercard aims to enhance digital payments and financial inclusion across the continent.
| Industries | Fintech, E-commerce, Mobile Payments |
| Number of Investments (2024) | 12 |
| Investment Stages | Seed, Series A, Initial Public Offering(IPO) |
| Remarkable Portfolio Companies | MTN Momo, Scale |
| Regions of Focus | Pan-African |
7. Co-Creation Hub (CcHub)
Description: Co-Creation Hub, an accelerator based in Lagos, Nigeria, is dedicated to supporting startups through funding, innovation resources, and design expertise. The hub focuses on driving impact in key sectors such as the creative economy, healthcare, technology and society, and education.
By nurturing companies that leverage technology to address pressing challenges, Co-Creation Hub plays a pivotal role in developing sustainable solutions and advancing social and economic growth across these diverse industries.
| Industries | HealthTech, Education, AgriTech |
| Number of Investments (2024) | 12 |
| Investment Stages | Seed, Series A |
| Remarkable Portfolio Companies | Andela, Genti Media |
| Regions of Focus | West Africa |
8. iHub
Description: Founded in 2010, iHub is a tech community and innovation hub based in Nairobi, Kenya. It offers funding, mentorship, and networking opportunities to startups and entrepreneurs in the tech space, focusing on supporting innovative solutions that address local challenges.
| Industries | Fintech, E-commerce, HealthTech, EdTech |
| Number of Investments (2024) | 12 |
| Investment Stages | Seed, Series A |
| Remarkable Portfolio Companies | Fundis, eKitabu, Kurasa, Know Learning Limited |
| Regions of Focus | East Africa |
9. Edventures
Description: Edventures is an investment firm focusing on the education technology sector in Africa. By supporting startups that aim to innovate in education, Edventures contributes to the development of scalable solutions that enhance learning experiences across the continent.
| Industries | Edtech |
| Number of Investments (2024) | 12 |
| Investment Stages | Series A |
| Remarkable Portfolio Companies | DabaDoc, M-School |
| Regions of Focus | Pan African |
10. Renew Capital
Description: Renew Capital is an investment firm focused on renewable energy and sustainability initiatives in Africa. It seeks to support startups that are driving innovation in clean energy and sustainable practices across various sectors.
| Industries | Renewable Energy, AgTech |
| Number of Investments (2024) | 9 |
| Investment Stages | Series A |
| Remarkable Portfolio Companies | Roam, Bosso, Tappi, Sawa Energy, Octavia Carbon. |
| Regions of Focus | East Africa, Southern Africa |
11. Y Combinator
Description: Y Combinator is a renowned startup accelerator that provides funding and support to early-stage companies worldwide, including those in Africa. Its goal is to help startups achieve rapid growth and market readiness through mentorship and networking opportunities.
| Industries | Sector Agnostic |
| Number of Investments (2024) | 8 |
| Investment Stages | Seed |
| Remarkable Portfolio Companies | Cleva, Miden, Triply |
| Regions of Focus | Global, including Africa |
12. 54 Collective
Description: 54 Collective is a pan-African investment firm that focuses on supporting startups and businesses led by African entrepreneurs. By providing capital and mentorship, it aims to foster sustainable growth in various sectors.
| Industries | Fintech, HealthTech |
| Number of Investments (2024) | 8 |
| Investment Stages | Seed, Series A |
| Remarkable Portfolio Companies | Scale, TUNL, Konnect, Zanifu |
| Regions of Focus | Pan African |
13. Catalyst Fund
Description: Catalyst Fund is a global accelerator program dedicated to supporting inclusive fintech startups in emerging markets. It provides funding, mentorship, and networking opportunities to help startups grow and achieve financial inclusion.
| Industries | Fintech, Insurtech |
| Number of Investments (2024) | 8 |
| Investment Stages | Pre-Seed, Seed, Series A |
| Remarkable Portfolio Companies | Biobuu, Zebra Cropbank, Thola, Scrapays |
| Regions of Focus | Pan African |
14. GSMA
Description: GSMA is an industry organization that represents the interests of mobile operators worldwide. In Africa, it supports startups that leverage mobile technology to drive innovation and economic growth.
| Industries | Mobile Technology, Connectivity |
| Number of Investments (2024) | 8 |
| Investment Stages | Seed, Series A |
| Remarkable Portfolio Companies | WidEnergy Africa, Koolboks, Soso Care, Lersha |
| Regions of Focus | Sub Saharan Africa |
15. Efficiency for Access
Description: Efficiency for Access is a global coalition aimed at improving access to energy-efficient appliances and technologies in developing countries, including Africa. It supports startups that are innovating in the energy sector to create affordable solutions.
| Industries | Renewable Energy, Cleantech |
| Number of Investments (2024) | 7 |
| Investment Stages | Series A |
| Remarkable Portfolio Companies | SolarNow, Solaris Offgrid |
| Regions of Focus | Sub-Saharan Africa |
16. Axian
Description: Axian is a diversified investment group that operates across various sectors in Africa, including telecommunications, energy, and finance. Its focus on innovation and sustainability drives its investments in early-stage startups.
| Industries | Telecom, Renewable Energy, Fintech |
| Number of Investments (2024) | 6 |
| Investment Stages | Seed, Series A |
| Remarkable Portfolio Companies | Workpay, i’SUPPLY |
| Regions of Focus | East Africa, Indian Ocean |
17. Lendahand
Description: Lendahand is an investment platform focused on ethical and impact investing, particularly in developing countries.
The company enables individuals to fund projects through microfinance institutions, providing small loans to entrepreneurs and businesses.
| Industries | Agriculture, Renewable energy, Small business development |
| Number of Investments (2024) | 6 |
| Investment Stages | Seed, Series A |
| Remarkable Portfolio Companies | Tulaa, Tujijenge, Kiva |
| Regions of Focus | East Africa, West Africa |
18. DFC (U.S. International Development Finance Corporation)
Description: The DFC is the U.S. government’s development finance institution, designed to promote economic development in emerging markets.
It provides financing and insurance to support American investments that create jobs and foster economic growth in developing countries.
| Industries | Infrastructure, Energy, Agriculture |
| Number of Investments (2024) | 6 |
| Investment Stages | Seed, Series A, Series B |
| Remarkable Portfolio Companies | Kasha, Hewa Tele |
| Regions of Focus | Sub-Saharan Africa |
19. GIZ (Deutsche Gesellschaft für Internationale Zusammenarbeit)
Description: GIZ is a German development agency that provides services in the field of international cooperation for sustainable development.
It supports startups and initiatives that promote economic development, environmental protection, and social progress in Africa.
| Industries | Renewable Energy, Sustainable Agriculture |
| Number of Investments (2024) | 6 |
| Investment Stages | Seed, Series A |
| Remarkable Portfolio Companies | TruBudget, Atingi, Twiga Foods |
| Regions of Focus | Sub-Saharan Africa |
20. 500 Global
Description: 500 Global is a venture capital firm and accelerator program that invests in early-stage startups across various sectors.
With a strong emphasis on building robust networks, it supports entrepreneurs in scaling their businesses globally, including in Africa.
| Industries | Fintech, HealthTech, Consumer Goods, Gaming |
| Number of Investments (2024) | 5 |
| Investment Stages | Seed |
| Remarkable Portfolio Companies | Flex Finance, IMAN |
| Regions of Focus | Global, including Africa |
Notable Investment Trends in 2024
- Investment Volume: Despite the current global downturn, several investors are actively investing in African startups, with KfW DEG, Techstars, and Digital Africa leading the way in terms of deal count.
- Sector Focus: Fintech remains a dominant sector, but other industries like Healthtech, Edtech, and Agtech have shown a steady rise in interest.
- Regional Focus: West and East Africa remain the most funded regions, with notable activity in countries like Nigeria, Kenya, and Ghana.
Conclusion
As African startups continue to innovate and adapt, these 20 investors have shown a deep commitment to nurturing the continent’s entrepreneurial spirit.
By backing ventures that address critical challenges and create meaningful impact, these investors are helping shape a more resilient and prosperous future for Africa.
Looking ahead, it will be fascinating to see how these relationships evolve, as well as the new opportunities that lie on the horizon for African startups and their supporters.