Nigeria's Moniepoint, Four Other African Startups Raise Combined $214 Million in October
Legit.ng journalist Victor Enengedi has over a decade's experience covering Energy, MSMEs, Technology and the stock market.
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African startups are experiencing a surge in funding as they attract millions of dollars to scale operations, innovate, and expand their reach across the continent and beyond.
From fintech to clean energy, these businesses are transforming industries and addressing critical challenges, often leveraging technology to create impactful solutions.
Source: UGC
Investors are increasingly drawn to Africa's growing market potential, pouring resources into ventures that promise profitability and social impact.
Legit.ng highlights some of the startups that raised the largest funds in October 2024 as the wave of investment reshapes Africa’s entrepreneurial landscape, fueling economic growth.
Moneypoint raises $110 million
- Lead investor: Development Partners International
- Location: Nigeria
- Type of investment: Equity funding
Moniepoint has raised $110 million in funding from several investors, including Google, pushing its valuation to $1 billion and earning it unicorn status.
The Series C funding round was spearheaded by Development Partners International, with participation from Google’s Africa Investment Fund, Verod Capital, and Lightrock.
As Nigeria’s leading merchant acquirer and in-person payments platform, Moniepoint handles more than 800 million transactions monthly, with a total value surpassing $17 billion, all while maintaining profitability.
The startup stated that the funds would boost its expansion across Africa. It aims to create an integrated platform for businesses of all sizes.
This platform will offer digital payments, banking, cross-border payments, credit, and business management tools. It is designed to be a one-stop shop for business solutions.
BasiGo raises $41.5 million
- Lead investor: Africa50
- Location: Kenya
- Type of investment: Hybrid funding
Kenyan electric bus startup BasiGo secured $41.5 million in Series A funding to expand its operations in Kenya and other parts of Africa. The funding includes $24 million in equity and $17.5 million in debt.
The equity round was led by Africa50, with participation from Novastar Ventures, CFAO Kenya, Mobility54, SBI Investment, Trucks VC, Moxxie Ventures, and the Susquehanna Foundation.
BasiGo plans to use the funds to deploy 1,000 electric buses across East Africa within three years and to explore new vehicle models and markets.
Yellow Card closes $33 million Series C funding
- Lead investor: Blockchain Capital
- Location: Nigeria
- Type of investment: Equity funding
Yellow Card, Africa's largest and first licensed stablecoin on/off-ramp, successfully closed its Series C funding round, raising $33 million.
The round was led by Blockchain Capital and included contributions from Polychain Capital, Third Prime Ventures, Castle Island Ventures, Block, Inc., Galaxy Ventures, Blockchain Coinvestors, Hutt Capital, and Winklevoss Capital.
Since launching in Nigeria in 2019, Yellow Card has become a trailblazer in the industry, operating in 20 African countries and processing over $3 billion in transactions across the continent.
The new funding will support the company’s growth and expansion, with a focus on advancing its API and widget products.
Sistema.bio secures $15 million funding
- Lead investor: ElectriFI
- Location: Kenya
- Type of investment: Equity funding
Sistema.bio, a global leader in biogas technology, secured $15 million in financing to drive its global expansion.
The funding round, led by ElectriFI under the management of EDFI Management Company, involved only the company’s existing investors. This financing will support various growth and diversification initiatives as Sistema.bio prepares for its Series C round in 2025.
Participants included major equity investors such as Chroma Impact Investment, KawiSafi Ventures, AXA IM Alts, Blink CV, and EcoEnterprises Fund.
According to the firm, the funds will be used to expand partnerships, increase market reach, and enhance the range of bioenergy products available to farmers.
BURN secures US$ 15 million investment
- Lead investor: European Investment Bank (EIB)
- Location: Kenya
- Type of investment: Debt funding
BURN, a global leader in clean cooking appliances and carbon project development, received a $15 million investment from the European Investment Bank (EIB).
The funding will support BURN's plans to produce and distribute its IoT-enabled ECOA electric cooking appliances to more than one million households in East Africa.
According to Peter Scott, BURN's Founder and CEO, the investment will enable low-income households to transition to electric cooking, utilizing grids powered by 80-95% renewable energy.
Speaking on the development, Zubby Ukachukwu, a tech analyst, told Legit.ng that investors are still drawn by the huge potential of many African startups.
He said:
"African startups are demonstrating remarkable resilience and innovation in 2024, continuing to attract funding despite global economic uncertainties. Investors are drawn to the continent’s youthful population, expanding digital pen*tration, and the potential for scalable solutions in sectors like fintech, health tech, and renewable energy. The rise of local venture capital funds and increased participation from diaspora investors have further boosted confidence."
He added that this momentum highlights Africa’s growing role as a hub for entrepreneurial growth and a destination for strategic investments globally.
Startups in four African countries raise over $100m
In related news, Legit.ng had earlier reported that startups in Nigeria, South Africa, Kenya, and Egypt secured funding exceeding the $100 million threshold in 2023.
Startups in Kenya successfully secured an impressive $797 million in funding, surpassing their counterparts in Egypt, South Africa, and Nigeria, who obtained $617 million, $547 million, and $410 million in funding, respectively.
Despite experiencing a significant 79% decrease in funding, the fintech sector stood out as the top-funded industry.
Proofreading by James, Ojo Adakole, journalist and copy editor at Legit.ng.
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