African startups secured $250 million in funding during October, with Nigerian fintech Moniepoint leading the way through a notable $110 million Series C round. This accomplishment underscores October as a standout month, according to Africa: The Big Deal’s latest report tracking startup investments across the continent.
Moniepoint’s significant funding made up 43% of the month’s total, pushing October to become the second-highest month for African startup funding this year, just behind July. The month’s investment total was nearly 50% higher than the average monthly funding over the past 12 months and set a record high for October since 2019.
Moniepoint’s success has fueled discussions on the potential of Africa’s fintech sector, with some speculating that the continent may have welcomed another unicorn. However, Moniepoint’s exact valuation remains unclear, alongside several peers whose valuations are based on prior funding rounds.
Other significant deals in October included BasiGo’s $42 million Series A and Yellow Card’s $33 million Series C. Nigeria emerged as a leading investment destination, capturing 60% of the month’s funding, with fintech remaining the dominant sector and drawing 60% of total investments.
Despite these positive developments, the report highlighted ongoing gender disparities, as around 98% of the funding went to startups led by male CEOs, and 97% was directed toward ventures without a female founder. The sole exit reported for October was OmniRetail’s acquisition of Traction Apps in Nigeria.
Looking at 2024 year-to-date performance, African startups have raised $1.7 billion, a 32% drop compared to the same period in 2023. In contrast, last year’s funding total reached $1.7 billion by early June, emphasizing a noticeable slowdown. So far, 393 startups have raised $100,000 or more in 2024, a 10% decrease from last year. Of these, 137 companies secured $1 million or more, marking a 20% decline year-over-year.