Egypt leads African startup landscape with $329M raised in 2024

In 2024, Egypt maintained its leadership in Africa's startup ecosystem, securing more than a third of the continent's total venture capital funding despite a notable decrease in investment.

According to Magnitt's FY 2024 venture investment summary, Egyptian startups raised $329 million through 78 funding rounds, reflecting a 21 percent year-over-year decline.

The standout achievement for Egypt was MNT-Halan’s $157.5 million funding round, which was the largest of the year not only in Egypt, but also across Africa and the broader MENA (Middle East and North Africa) region. Announced in July, this round underlined Egypt's ongoing importance as a startup hub in the region.

However, the broader picture for African startups in 2024 was one of contraction. Total funding across the continent fell to $1.1 billion, marking a sharp 44 percent decline compared to the previous year. Startups across Africa closed 294 funding rounds, a 39 percent decrease from 2023.

The decrease in funding was not limited to the amount of capital raised. The number of investors in the African startup ecosystem also saw a decline, dropping 18 percent year-over-year to 385. Additionally, the number of exits — a key indicator of the health of the startup ecosystem — fell by 27 percent, with only 22 exits recorded in 2024.