Moove Leads 121 African Tech Startups in Raising $466m in Q1 2024

In the first quarter of 2024, the African tech startup company recorded a total raise of $466 million. The report says the impressive figure is 47 percent lower than the $900 million raised in the quarter of 2023.

The report also revealed that 121 startups spearheaded and raised to $100,000 or more. 

With Moove taking the lead, the significant funding that occurred in the quarter was equity funding of $332 million, while debt funding accounted for $132 million. The equity ratio is 71 percent of the total budget, represents a 9 percent quarter-on-quarter decline, and an outstanding 47 percent year-on-year decline. While the debt ratio 

Nigeria’s Moove Leads with 24% of African tech startups’ total funding

Nigerian mobility startup Moove had the baton of the startup race funding leading with 24 % of the total funding. After raising $100 million in equity funding led by Uber, Moove attained a unicorn status with a $750 million valuation backed by the sovereign wealth fund Mubadala after the roundup. 

Other investors behind the round-up include the Dubai-based The Latest Ventures, AfricInvest, Palm Drive Capital, Triatlum Advisors, and Future Africa.

Next after the Nigerian mobility status is a Kenyan transport and logistic startup with a $24 million raise. The raise consists of $14 million equity and $10 million debt financing. 

Other African countries who contributed to the total raise include South Africa with $72 million (16 percent), Egypt attracted $53 million (12 percent), Uganda with $16 million, Ghana with $10 million, Tanzania with $9 million, and Morocco with $7 million.

In general, Nigerian startups attracted the most funding into the continent in the quarterly review with $160 million.