2024: A Mixed Year for African Startups as Funding Shifts Toward Sustainable Growth and Profitability
- Funding for African startups surpassed $2 billion last year, indicating a return to pre-pandemic levels.
- A notable drop in mega-deals has led investors to prioritize sustainable business models.
- High-profile closures included Copia and Gro Intelligence, both of which had raised over $100 million.
The current state of African startups reflects a critical juncture where the focus on sustainability and profitability is reshaping the landscape. While the challenges are significant, the resilience shown by certain startups suggests a potential for innovation and growth in the face of adversity. This duality presents an opportunity for investors to reassess their strategies and for startups to align more closely with market demands.
