According to Magnitt's FY 2024 venture investment summary report, Egyptian startups raised a total of $329 million across 78 funding rounds/deals
Egypt continued to dominate startup activity in Africa in 2024, securing over a third of the continent's total venture capital funding despite a significant decline in investment.
According to Magnitt's FY 2024 venture investment summary report, Egyptian startups raised a total of $329 million across 78 funding rounds/deals, although this represented a 21% year-over-year drop.
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The standout achievement for Egypt was MNT-Halan’s $157.5 million funding round, which was the largest of the year not only in Egypt, but also across Africa and the broader MENA (Middle East and North Africa) region. Announced in July, this round underlined Egypt's ongoing importance as a startup hub in the region.
However, the broader picture for African startups in 2024 was one of contraction. Total funding across the continent fell to $1.1 billion, marking a sharp 44% decline compared to the previous year. Startups across Africa closed 294 funding rounds, a 39% decrease from 2023.
The decrease in funding was not limited to the amount of capital raised. The number of investors in the African startup ecosystem also saw a decline, dropping 18% year-over-year to 385. Additionally, the number of exits — a key indicator of the health of the startup ecosystem — fell by 27%, with only 22 exits recorded in 2024.
