October 2024 marked a remarkable milestone for African startups, with five companies collectively raising $214 million in funding. From Nigeria to Kenya, these ventures are revolutionizing industries like fintech, clean energy, and technology while addressing critical challenges. This surge in investment underscores Africa’s growing appeal as a global hub for innovation and economic transformation.
African startups are attracting unprecedented funding as investors worldwide recognize the continent’s untapped potential and youthful population. These investments promise not only profitability but also transformative social impact.
Below are the key startups that secured substantial funding in October 2024: 
1. Moniepoint – Nigeria
- Funding: $110 million (Equity funding)
- Lead Investor: Development Partners International
Moniepoint, Nigeria’s leading payments platform, achieved unicorn status after raising $110 million in a Series C funding round led by Development Partners International. Other contributors included Google’s Africa Investment Fund, Verod Capital, and Lightrock.
The company processes over 800 million monthly transactions valued at $17 billion and plans to use the funds to expand its integrated platform offering digital payments, credit, and business management tools across Africa.
2. BasiGo – Kenya
- Funding: $41.5 million (Hybrid funding)
- Lead Investor: Africa50
Kenyan electric bus startup BasiGo raised $42 million to deploy 1,000 electric buses in East Africa within three years. This funding, a mix of $24 million in equity and $17.5 million in debt, will also support the development of new vehicle models and the company’s expansion into other African markets.
3. Yellow Card – Nigeria
- Funding: $33 million (Equity funding)
- Lead Investor: Blockchain Capital
Yellow Card, Africa’s first licensed stablecoin on/off-ramp platform, secured $33 million in a Series C funding round led by Blockchain Capital. Operating in 20 African countries, the startup plans to enhance its API and widget products to support its growing transaction volume of over $3 billion.
4. Sistema.bio – Kenya
- Funding: $15 million (Equity funding)
- Lead Investor: ElectriFI
Sistema.bio, a leader in biogas technology, secured $15 million to expand partnerships and diversify its bioenergy products for farmers. The company aims to drive global adoption of sustainable energy solutions ahead of its Series C round in 2025.
5. BURN – Kenya
- Funding: $15 million (Debt funding)
- Lead Investor: European Investment Bank (EIB)
BURN, known for its clean cooking appliances, received $15 million to distribute IoT-enabled electric cooking devices to over one million East African households. The initiative aims to promote renewable energy use and improve living standards for low-income families.
Tech analyst Zubby Ukachukwu highlights the resilience of African startups amid global economic challenges:
“African startups are showcasing unmatched innovation and scalability in sectors like fintech and renewable energy. This momentum, driven by diaspora investments and local venture funds, positions Africa as a global hub for strategic investments.”
Which of these innovations do you think will have the biggest impact on Africa’s future? Share your thoughts in the comments below!
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