Key Takeaway: Despite a global slowdown in tech funding, the African tech startup scene remains resilient, attracting significant investment in H1 2024. This briefing doc highlights the top 10 investors driving this growth, based on the number of deals closed.

Main Themes:

• Continued Investment: While overall funding has slowed down from 2022, African tech startups still attracted over $1.1 billion in H1 2024, with $1.67 billion injected through new funds.
• Focus on Early-Stage Startups: Many of the top investors concentrate on early-stage companies, providing not only funding but also mentorship, resources, and network access to support growth.
• Sector Agnostic & Sector Specific Investment: While some investors focus on specific sectors like fintech, healthtech, and climate-focused solutions, others demonstrate a broader approach, investing across various sectors.

Top 10 Investors (Ranked by Deals Closed):

1. Launch Africa Ventures: Closing a deal almost every other week, Launch Africa Ventures leads the pack with investments across 22 countries, solidifying its position as a key player in the African tech ecosystem.
2. Techstars: This global accelerator remains a major force, providing mentorship, a vast network, and a US$120K investment to startups through their three-month program.
3. 54 Collective (formerly Founders Factory Africa): Rebranded in 2024, 54 Collective continues to nurture innovation through a collaborative approach, focusing on scalable solutions in sectors like fintech and healthcare.
4. Catalyst Fund: Known for supporting inclusive fintech and climate-focused ventures, Catalyst Fund plays a crucial role in backing startups tackling large-scale social challenges.
5. Renew Capital: Focused on early-stage investments across various sectors, Renew Capital is recognized for promoting economic growth in underdeveloped markets.
6. DFC (U.S. International Development Finance Corporation): DFC is emerging as a significant supporter, investing in ventures with social impact to advance economic development.
7. Baobab Network: Specializing in accelerating early-stage tech startups, Baobab Network offers capital and hands-on support, focusing on fintech, healthtech, and edtech.
8. Y Combinator: Though quieter in H1 2024, this globally renowned accelerator remains influential, having propelled several African unicorns to global prominence.
9. Ventures Platform: Focusing on fintech and digital infrastructure, Ventures Platform continues to be a critical player despite a quieter start in 2024 compared to the previous year.
10. Flat6Labs: Primarily active in North Africa, Flat6Labs remains a significant early-stage investor known for funding scalable solutions and running accelerator programs.

Conclusion:

The African tech ecosystem demonstrates resilience and potential, attracting a diverse range of investors focused on fostering innovation and driving economic growth across the continent. While global trends impact funding levels, the commitment of these investors signifies a strong belief in the future of African tech startups.

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