The African tech scene has been thriving. Here are some of the key trends that have defined the African tech landscape so far this year.

Funding and Investments

The year began with a modest start, with African startups raising $83 million across 31 disclosed deals in January. This marked a significant decline from the $545.1 million raised in the same month in 2023, but the underlying growth of the ecosystem remains stable. The top sectors in terms of funding were agritech, cleantech, and healthtech, with fintech observing a decline compared to previous years.

In the investment space, notable developments included the European Investment Bank's (EIB) third investment in an Africa-focused venture, a $30 million check for Seedstars. Additionally, the launch of Accelerate Africa, a Nigeria-based accelerator, and T-vencubator, a VC Firm-Incubator hybrid in Egypt, further solidified the region's entrepreneurial landscape.

Big tech and opportunities

Google launched its first African cloud centre, further solidifying its commitment to the region's tech growth. Meanwhile, various opportunities and programs emerged, such as the BRAIN (Bridging Research and Innovation) 3.0 for African Deeptech Startups, the GSMA Humanitarian Innovation Fund, and the Savant Build Program, among others.

South African tech startups

South Africa's tech startup scene, in particular, has been thriving. Despite a funding lull in 2023, the country witnessed a resurgence in funding in 2024. Key sectors like fintech and healthtech are driving growth, with notable startups like Luno, Yoco, and Jumo leading the charge in fintech. The country's startup ecosystem boasts nearly 500 active startups, with a significant percentage operating in fintech, edtech, agritech, foodtech, and digital health

The first half of 2024 has seen Africa thrive in the tech space.

Continued investor interest, a focus on emerging markets, and innovative solutions tackling Africa-specific challenges paint a bright picture for the future. As the year progresses, we can certainly expect even more groundbreaking developments.