Top 10 African countries with highest tech funding

Africa continues to establish itself as a prominent hub for tech innovation, with significant investments flowing into the continent’s technology sector. However, recent data indicates a notable decline in venture funding, signalling a shift in the funding landscape.

Africa’s tech funding saw a 25% drop in 2024, securing $2.2 billion compared to $2.9 billion in 2023, according to Africa: The Big Deal. The number of startups hitting the $1 million mark also fell, from 209 in 2023 to 188 in 2024.

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Here are the Top 10 African countries with the highest tech funding in 2024

1. Kenya – $638 m

Kenya leads the list with a total of $638 million in tech funding. The country remains a major player in East Africa’s digital economy, driven by innovation in mobile payments, e-commerce, and fintech. The funding reflects the vibrant startup ecosystem in Nairobi, often referred to as ‘Silicon Savannah,” which continues to attract global investors due to its rapidly growing tech scene and access to a large mobile-first population.

2. Nigeria – $410 m

Nigeria ranks second with $410 million in funding. As the most populous country in Africa, Nigeria’s tech sector is diverse, covering fintech, health tech, edtech, and e-commerce. Lagos, the financial and commercial capital, continues to be a key hub for technology startups. The country’s large market, entrepreneurial spirit, and expanding infrastructure make it a top destination for investors looking to tap into West Africa’s potential.

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3. Egypt – $400 m

Egypt is third on the list with $400 million in tech funding. The country has seen significant growth in its tech scene, with startups gaining recognition in areas like fintech, e-commerce, and software development. Cairo, Egypt’s capital, is rapidly becoming a regional tech powerhouse, attracting both local and international venture capitalists keen to capitalise on the growing demand for digital solutions in the Middle East and North Africa (MENA) region.

4. South Africa – $394 m

South Africa follows closely with $394 million in funding. Known for its advanced infrastructure and well-developed financial sector, South Africa is a critical player in the African tech space. Cape Town and Johannesburg are key cities where innovation thrives, with a strong focus on fintech, artificial intelligence, and blockchain. The country’s diverse economy and access to both local and international markets make it a top destination for tech investors.

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5. Morocco – $70 m

Morocco ranks fifth, attracting $70 million in tech funding. While smaller in comparison to the top four, Morocco’s growing tech sector is expanding rapidly, driven by innovations in e-commerce, digital payments, and cloud computing. Casablanca and Rabat, the country’s largest cities, continue to foster a conducive environment for tech startups, thanks to government support and increasing interest from regional investors.

6. Ghana – $68 m

Ghana stands in sixth place, securing $68 million in funding. Known for its stable political climate and growing entrepreneurial ecosystem, Ghana is an emerging player in West Africa’s tech space. The country’s tech sector is primarily focused on fintech and agritech, with Accra being a major tech hub in the region. As the country’s digital infrastructure improves, it is becoming an attractive destination for tech funding.

7. Tanzania – $53 m

Tanzania ranks seventh with $53 million in tech funding. The country’s tech sector is expanding, particularly in areas like mobile banking, health-tech, and education technology. Dar es Salaam is the key city where much of the innovation is taking place, supported by a young, tech-savvy population eager to engage with new technologies.

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8. Benin – $50 m

Benin has secured $50 million in tech funding, placing it eighth on the list. While smaller in scale, the country’s tech scene has seen growth, especially in fintech, e-commerce, and mobile solutions. Cotonou, the economic capital, is emerging as a hub for startups, with increasing interest from investors looking to support innovation in West Africa.

9. Côte d’Ivoire – $33 m

Côte d’Ivoire follows with $33 million in funding. Abidjan, the country’s largest city, has seen a rise in tech startups focused on fintech, e-commerce, and digital services. Despite being a relatively small player compared to its neighbours, Côte d’Ivoire’s growing tech ecosystem is gaining attention from both local and international investors.

Read also: Investors pick Kenya over Nigeria as startup funding falls to $2.2bn

10. Senegal – $22 m

Senegal rounds out the list with $22 million in tech funding. The country has seen a rise in tech startups, particularly in fintech and mobile technology. Dakar, Senegal’s capital, is rapidly becoming a key tech hub in West Africa, with an increasing number of initiatives aimed at improving digital infrastructure and fostering innovation.