North Africa dominated all other sub-regions of the continent in terms of investment volume and value in the first nine months of 2024, according to a report published by the African Private Equity and Venture Capital Association (AVCA). This was followed by Southern Africa, with $152 million raised by 51 startups, and Central Africa, with $6 million raised by 7 startups. The Venture Capital Activity in Africa Q3 2024 report shows that 32% of the startups that raised funds in Africa between January 1 and October 31, 2024 were in the fintech sector. However, the report also revealed that venture capital firms invested a total of $1.2 billion in African start-ups between January and September 2024. Spread across 313 companies, these funds represent the weakest performance of the continent’s venture capital industry since 2020.

Source: The North Africa Journal November 20, 2024 15:47 UTC