African startups are seeing a surge in funding as they attract millions of dollars to grow their operations, innovate and expand their reach across the continent and beyond.

From fintech to clean energy, these companies are transforming industries and solving critical challenges, often leveraging technology to create effective solutions.

Investors are increasingly attracted by the growing potential of the African market and are investing their resources in projects that promise both profitability and social impact.

Legitime.ng highlights some of the startups that raised the largest funds in October 2024 during the investment wave is reshaping Africa’s entrepreneurial landscapefueling economic growth.

Moneypoint raises $110 million

• Lead investor: Development Partners International
• Location: Nigeria
• Type of investment: Equity financing

Moniepoint has raised $110 million in funding of several investors, including Googlepushing its valuation to $1 billion and giving it unicorn status.

The Series C funding round was led by Development Partners International, with participation from Google. Africa Investment funds, Verod Capital and Lightrock.

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As Nigeria’s leading merchant acquiring and in-person payments platform, Moniepoint processes over 800 million transactions per month, with a total value exceeding $17 billion, while maintaining profitability.

The startup said the funds would boost its expansion across Africa. It aims to create an integrated platform for businesses of all sizes.

This platform will offer digital payment, banking, cross-border payment, credit and business management tools. It is designed to be a one-stop shop for business solutions.

BasiGo raises $41.5 million

• Main investor: Africa50
• Location: Kenya
• Type of investment: Hybrid financing

Kenyan electric bus start-up BasiGo obtained $41.5 million in Series A financing to expand its operations in Kenya and other parts of Africa. The financing includes $24 million in equity and $17.5 million in debt.

The funding round was led by Africa50, with participation from Novastar Ventures, CFAO Kenya, Mobility54, SBI Investment, Trucks VC, Moxxie Ventures and the Susquehanna Foundation.

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BasiGo plans to use these funds to deploy 1,000 electric buses across East Africa within three years and to explore new vehicle models and markets.

Yellow Card Closes $33 Million Series C Funding

• Lead Investor: Blockchain Capital
• Location: Nigeria
• Type of investment: Equity financing

Yellow Card, Africa’s largest and first licensed Stablecoin on-ramp, has successfully closed its Series C funding round, raise $33 million.

The round was led by Blockchain Capital and included contributions from Polychain Capital, Third Prime Ventures, Castle Island Ventures, Block, Inc., Galaxy Ventures, Blockchain Coinvestors, Hutt Capital and Winklevoss Capital.

Since its launch in Nigeria in 2019, Yellow Card has become an industry pioneer, operating in 20 African countries and processing over $3 billion in transactions across the continent.

The new funding will support the growth and expansion of the company, with a focus on the advancement of its API and widget products.

Sistema.bio secures $15 million in funding

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• Main investor: ElectriFI
• Location: Kenya
• Type of investment: Equity financing

Sistema.bio, world leader in biogas technology, obtained 15 million dollars in financing to stimulate its global expansion.

The funding round, led by ElectriFI under the leadership of EDFI Management Company, only involved the company’s existing investors. This funding will support various growth and diversification initiatives as Sistema.bio prepares for its Series C funding round in 2025.

Participants included major equity investors such as Chroma Impact Investment, KawiSafi Ventures, AXA IM Alts, Blink CV and EcoEnterprises Fund.

The funds will be used to expand partnerships, increase market reach and improve the range of bioenergy products available to farmers.

BURN Secures US$15 Million Investment

• Main investor: European Investment Bank (EIB)
• Location: Kenya
• Type of investment: Debt financing

BURN, a global leader in clean cooking appliances and carbon project development, received 15 million dollars investment by the European Investment Bank (EIB).

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The announcement was made during the World Bank and IMF Annual Meetings in Washington.

The funding will support BURN’s plans to produce and distribute its IoT-enabled ECOA electric cooking appliances to more than one million homes in East Africa.

According to Peter Scott, founder and CEO of BURN, the investment will enable low-income households to switch to electric cooking, using networks powered by 80-95% renewable energy. energy.

Startups in four African countries raise more than $100 million

In related news, Legitime.ng previously reported that startups in Nigeria, South Africa, Kenya and Egypt guaranteed financing exceeding the threshold of 100 million dollars in 2023.

Startups from Kenya managed to secure an impressive $797 million in funding, surpassing their Egyptian, South African and Nigerian counterparts, who secured $617 million, $547 million and $410 million respectively.

Despite a significant 79% drop in funding, the fintech sector stood out as the best-funded industry.

Source: Legit.ng