The partnership aims to establish an EV assembly plant in Nairobi, a move projected to boost Kenya’s green transportation initiatives and create thousands of jobs.

According to Nishant Mishra, Afrigreen Automobile’s Global Head of Future Mobility, the assembly plant will commence operations within a month and is expected to produce between 5,000 and 6,000 EVs annually.

The vehicles will target both the Kenyan and wider COMESA markets.

The Principal Secretary for Investments, Trade, and Industry, Abubakar Hassan Abubakar, emphasized the venture’s positive impact on Kenya’s transport sector.

With a current EV fleet of approximately 4,000 against a total car population of 1.7 million, the assembly plant is seen as a crucial step towards a greener future.

The deal marks another significant entry of Chinese EV firms into the Kenyan market. Earlier this year, Chinese EV maker NETA invested in Moja EV Kenya, with plans to assemble 250 EVs monthly.

This development underscores Kenya’s growing interest in electric mobility and its potential to contribute to the country’s economic growth and environmental sustainability.

The investment will fuel the company’s growth and expansion across key markets in Africa and the Middle East.

Founded in 2020 by Mohamed El-Sonbaty, Abdelrahman Ayman, and Joan Manuel, Educatly aims to democratize access to higher education.

The platform connects students with over 130,000 programs from 1,100 universities worldwide.

With a user base exceeding three million students, Educatly is on track to reach seven million by the end of 2024.

“This funding is a testament to our mission of bridging the gap between students’ aspirations and available educational opportunities,” said El-Sonbaty, CEO of Educatly.

“We will use these funds to enhance our platform, expand our reach, and empower more students to achieve their academic goals.”

Educatly previously raised a $1 million pre-seed round in 2021 and operates research and development centers in Cairo and Dubai.

The company is committed to developing a world-class digital platform that provides students with seamless access to tailored higher education services.

Technology and Science Minister Felix Mutati made the announcement on July 19.

The project, funded by the World Bank’s International Development Association (IDA) and supplemented by commercial financing, aims to expand internet access, enhance digitally enabled services, and strengthen the country’s digital infrastructure.

“This initiative aligns perfectly with the government’s priorities,” said World Bank Managing Director Wengcai Zhang during a visit to Lusaka.

“By investing in broadband, last-mile connectivity, and digital public infrastructure, we aim to improve efficiency in both the public and private sectors.”

The DZAP will also focus on developing digital skills, supporting high-impact sectors, and addressing Zambia’s significant digital divide.

According to the Zambia Inclusive Digital Economy Status Report 2022, only 53 per cent of Zambians have access to the internet, highlighting the urgent need for digital transformation.

A Project Implementation Unit will be established within the Smart Zambia Institute to oversee the project.

The World Bank has also expressed support for Zambia hosting the World Skills Africa Competition in Livingstone next year.

The project is expected to receive final approval from the World Bank Board in March 2025. Until then, a $6 million advance will be used to fund preliminary activities.

The investment, comprising $5.6 million in equity and $2.5 million in debt, was led by Algebra Ventures with participation from existing investors Silicon Badia and the SANAD Fund for MSME. Camel Ventures and GlobalCorp provided the debt financing.

Founded in 2020 by Mahmoud Talaat and Mahmoud Abdel-Fattah, Cartona connects buyers and sellers through a mobile app.
The platform currently boasts over 188,000 retailers and operates in 17 Egyptian cities.

The fresh capital will be used to expand Cartona’s operations in the fast-moving consumer goods (FMCG) and hospitality sectors, increase market share, and explore new markets in the Middle East and North Africa (MENA) region. 
Additionally, the debt financing will support working capital needs for local retailers.

“We are thrilled to secure this additional funding, which reinforces our position as a market leader,” said Mahmoud Talaat, CEO of Cartona. “This investment will enable us to accelerate our growth, enhance our platform, and deliver even greater value to our customers.”

Cartona has experienced rapid growth since its inception, expanding its reach from three to 11 Egyptian cities in just one year.

The company aims to cover all of Egypt’s governorates while continuously improving its product offerings and exploring new business verticals.

Despite this, key sectors like transport, fintech, and cleantech continued to attract significant investments.

Kenya emerged as the leading country in startup funding, while Nigeria, South Africa, and Egypt remained critical players.

The increased reliance on debt financing and persistent gender disparity underscores the evolving dynamics and challenges within the African startup ecosystem.

These trends indicate a cautious yet sustained interest in key sectors, highlighting the resilience and adaptability of African startups amid global economic pressures.

Overall Funding Amounts:

• H1 2024: African startups raised approximately $780 million​.
• H1 2023: The funding amounted to around $1.8 billion

This indicates a significant decline of about 57% in total funding from H1 2023 to H1 2024.

Distribution by Country:

• Nigeria:
  • H1 2024: Raised around $172 million.
  • H1 2023: Nigeria was the leading country in funding, maintaining a strong position, but specific numbers weren’t detailed.
• Kenya:
  • H1 2024: Raised $244 million, becoming the top recipient.
  • H1 2023: Kenya had significant funding but experienced a 25% year-on-year decline compared to its peak in 2022​ 
• Egypt:
  • H1 2024: Secured $101 million 
  • H1 2023: Continued to be a strong player, but with no detailed comparison numbers.
• South Africa:
  • H1 2024: Received $85 million.
  • H1 2023: Maintained a notable share of funding.

The “Big Four” countries (Nigeria, Kenya, South Africa, and Egypt) continue to dominate, with Kenya emerging as the leader in H1 2024.

Sector Distribution:

• Transport and Logistics:
  • H1 2024: Attracted $218 million, driven by major deals like Moove ($100 million)​  
  • H1 2023: Also saw strong performance in this sector, but with no specific comparison figures.
• Fintech:
  • H1 2024: Raised $105 million, retaining its position as the sector with the most deals​  
  • H1 2023: Fintech was the leading sector in funding, emphasizing its continued dominance.
• Cleantech and Agritech:
  • H1 2024: Cleantech startups like Husk Power and Wetility received significant investments​  
  • H1 2023: Similar trends with rising investments in sustainable and agritech solutions, though specific numbers were not detailed.

Top 10 Most Funded Startups in H1 2024:

1. Moove (Nigeria) –  $100 million.
2. M-KOPA (Kenya) – $51 million.
3. SPIRO (Kenya) – $50 million.
4. SunCulture (Kenya) – $27.5 million.
5. Roam (Kenya) – $24 million.
6. Pula (Kenya) – $20 million.
7. VaIU (Egypt) – $18.7 million.
8. OneOrder (Egypt) – $16 million.
9. Planet42 (South Africa) – $16 million.
10. Simera Sense (South Africa) – $15 million.

Most Active Investors:

• DEG (Germany) – 18 deals
• Launch Africa Ventures – 12 deals
• Mastercard – 12 deals
• Techstars – 9 deals
• GSMA Innovation Fund – 8 deals
• Catalyst Fund – 7 deals

Funding Structure:

• H1 2024:
  • Equity financing constituted 71%, while debt financing was 29%​ 
• H1 2023:
  • Equity financing was predominant, with debt playing a minor role.

Gender Disparity:

• H1 2024: Only 15% of total funding went to ventures with at least one female founder, and 8

In the first half of 2024, African startups raised a total of $780 million in funding, marking a significant decline compared to previous years.

This amount represents a 31% decrease from the second half of 2023 and a 57% drop from the first half of 2023.

Here is a breakdown of the funding by country and sector:

By Country:

• Kenya: $244 million (32% of total funding)
• Nigeria: $172 million
• Egypt: $101 million
• South Africa: $85 million

By Sector:

• Transport and Logistics: $218 million, led by major deals such as Moove ($100 million) and Spiro ($50 million).
• Fintech: $105 million, remaining the sector with the highest number of startups raising $1 million or more.
• Agric and Food: $50 million.
• Energy: $49 million.
• Healthcare: $45 million.

Despite the overall decrease, the “Big Four” countries—Nigeria, Kenya, South Africa, and Egypt—continued to dominate the funding landscape, attracting the majority of investments​. 

The distribution highlights the ongoing interest in sectors like transport and logistics, fintech, and energy.

Conclusions on Funding Trends in H1 2024 vs. H1 2023

Overall Decline in Funding:

The first half of 2024 experienced a significant reduction in total funding for African startups, with a 57% drop compared to the same period in 2023.

This decline is attributed to the challenging global economic environment, characterized by macroeconomic issues, tighter monetary policies, and higher interest rates.

Funding Structures:

• There was an increased reliance on debt financing in H1 2024, accounting for 29% of the total funding. This shift reflects investors’ preference for more secure returns amid economic uncertainties.

Gender Disparity:

• The funding landscape continued to favor male-founded and male-led ventures, with only 15% of the total funding going to startups with at least one female founder, and 8% to those led by female CEOs. This ongoing gender imbalance highlights a critical area needing improvement for more inclusive growth.

The capital will be channeled towards businesses operating within Arise IIP’s Special Economic Zones (SEZs) across the continent.

The partnership aims to foster entrepreneurship and drive economic growth in Africa.

AFC will provide not only financial backing but also advisory services to help businesses navigate the SEZ environment.

Additionally, the corporation plans to leverage funds from Export Credit Agencies and other financial institutions to bolster the capital pool.

Arise IIP, currently developing the Bugesera SEZ in Rwanda, views this collaboration as a significant step towards creating a prosperous Africa.

Gagan Gupta, CEO of Arise IIP, emphasized the importance of empowering entrepreneurs with the necessary financial support.

Samaila Zubairu, President and CEO of AFC, expressed the corporation’s commitment to creating an ecosystem that promotes trade, job creation, and overall economic advancement.

The partnership is expected to stimulate growth and development across the continent.

The investment, which also saw participation from renowned investors like Plug and Play Ventures and Octopus Ventures, will fuel the company’s mission to transform healthcare delivery in Africa through advanced speech recognition technology.

Intron Health has developed a groundbreaking clinical speech recognition platform that accurately converts spoken medical terminology into text, even in the presence of heavy accents.

This innovative solution enables healthcare workers to streamline documentation, reduce administrative burdens, and ultimately improve patient care.

With over 3,000 languages spoken in Africa, the startup has overcome significant challenges to build a robust platform capable of understanding diverse accents and dialects.

By creating Africa’s largest clinical speech dataset, Intron Health has trained its AI models to achieve up to 92% accuracy in medical transcription.

The fresh capital will be invested in expanding research, strengthening cloud and on-premise capabilities, and broadening the platform’s reach across the continent.

Intron Health also plans to bolster its team with top tech talent to drive product development and market expansion.

“We are excited to partner with such a strong group of investors who share our vision of leveraging technology to improve healthcare in Africa,” said Tobi Olatunji, Founder and CEO of Intron Health.

“This funding will accelerate our growth and enable us to make a greater impact on the lives of healthcare providers and patients.”

The two agritech firms will receive a combined $850,000 as part of Village Capital’s Reducing Inequalities Investment Facility, funded by FMO’s MASSIF Fund.

Aquarech is addressing challenges faced by fish farmers by offering a buy-now-pay-later (BNPL) solution for fish feed.

The startup also provides training and agricultural tools to enhance farming practices and boost incomes.

Coamona, founded in 2018, is digitizing farmer management processes.

Its marketplace platform, Amana Market, connects farmers and traders and offers services such as product sales, loans, and real-time market information.

The startup aims to improve farmers’ incomes by enabling data-driven decisions on when and where to sell their produce.

“We are excited to support Coamana in building a robust digital infrastructure for agricultural trade across Africa,” said Kavon Badie, Investment Officer at Village Capital.

These investments highlight the growing trend of tech-driven solutions addressing agricultural challenges in Africa.

These startups are contributing to the continent’s agricultural development by bridging the gap between farmers, consumers, and businesses.

The Spanish investment firm is dedicated to funding businesses that create positive social and environmental impact in developing nations.

Founded in Kenya in 2006, One Acre Fund has been instrumental in improving the lives of millions of farmers by providing access to quality agricultural inputs, training, and financial services.

The organization’s focus on climate-smart farming and reforestation initiatives has contributed significantly to building resilient communities.

The fresh capital injection will bolster One Acre Fund’s efforts to expand its reach and deepen its impact.

The organization aims to serve 10 million farmers across nine African countries by 2030, a goal that aligns with its mission to reduce poverty and enhance food security in the region.

Impact Bridge Asset Management’s investment underscores the growing interest in sustainable and socially responsible investments.

The firm’s commitment to supporting businesses like One Acre Fund highlights the potential for positive change in developing countries.