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7 companies likely to fund African startups in 2024

Hauwa Ali by Hauwa Ali
February 2, 2024
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The African tech ecosystem faced a tough year in 2023, with funding dropping by almost half compared to 2022, according to Intelpoint.

Many growth-stage startups struggled to raise capital, leading to layoffs, closures and fire sales. However, some investors remained bullish on the continent’s potential and launched new funds or increased their activity. Here are some of the companies that are likely to finance African tech startups in 2024, according to various sources.

Read also: SoftBank to lead funding for Nigerian tech startups 

Catalyst Fund

Catalyst Fund is an inclusive fintech accelerator and fund that supports early-stage startups in emerging markets, including Africa. The fund hit the first close of a $40 million fund in 2023, backed by JP Morgan, UK Aid and Rockefeller Foundation. Startups that address the resilience and financial health of underrepresented populations, such as low-income consumers, women, and small businesses, are the focus of Catalyst Fund.

Saviu Ventures 

Saviu Ventures is a venture capital firm that invests in African tech startups at the seed and pre-seed stages. The firm was founded in 2019 by Benoit Delestre, a former executive at Orange and MTN. Saviu Ventures has a portfolio of 12 startups across fintech, e-commerce, health tech and edtech sectors. In 2024, the company intends to invest in 15–20 additional businesses, with an average ticket value of $100,000.

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TLcom

TLcom is a pan-African venture capital firm that invests in tech-enabled businesses across various sectors, such as fintech, agritech, mobility and e-commerce. The firm has offices in Nairobi, Lagos and London, and has backed startups such as Kobo360, Twiga Foods, uLesson and Okra. By 2024, it hopes to have invested $3 million on average in 10 to 15 more firms.

Sony Ventures

Sony Ventures is the corporate venture arm of Sony Corporation, the Japanese electronics and entertainment giant. The firm launched a $100 million fund in 2023, dedicated to investing in African tech startups. Sony Ventures is interested in startups that leverage technologies such as artificial intelligence, blockchain, cloud computing and internet of things. The organisation has already made investments in two African startups: the finance unicorn2 MNT-Halan and the AI startup Instadeep.

Verod Capital

Verod Capital is a private equity firm that invests in high-growth companies in West Africa, with a focus on Nigeria and Ghana. The firm has a sector-agnostic approach, but has a preference for consumer, financial services, technology and education sectors. Verod Capital announced a $200 million fund in 2023, its third and largest fund to date. On average, the firm invests $10 million to $30 million in each deal.

Enza Capital

Enza Capital is a venture capital firm that invests in early-stage tech startups in Africa, with a focus on fintech, health tech, edtech and e-commerce sectors. The firm was founded in 2019 by Michael Oluwagbemi, a serial entrepreneur and angel investor. In 2023, Enza Capital secured $50 million for its first fund. Since then, it has sponsored firms including 54gene2, Chipper Cash, Kuda, and Flutterwave.

EU invests in African tech startups through Seedstars

Aduna Capital

Aduna Capital is a venture capital firm that invests in early-stage tech startups in Africa, with a focus on francophone markets. The firm was founded in 2020 by Karim Sy, a social entrepreneur and founder of Jokkolabs, a network of innovation hubs in Africa. Since then, the company has sponsored businesses including StarNews Mobile, a mobile television network, and Afrikrea, an e-commerce platform for African fashion. 

These are just some of the companies that are expected to finance African tech startups in 2024. With the growing interest and activity of investors in the continent, there are surely more opportunities for entrepreneurs to access capital and scale their businesses. Stay tuned for more updates on the latest funding news and deals in the African tech ecosystem.

Tags: AfricancompaniesStartup
Hauwa Ali

Hauwa Ali

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