African startups continue to break boundaries, securing significant funding to drive innovation and impact. This article highlights 5 Fundraising Rounds of African Startups in November 2024, showcasing the diversity and growth of African entrepreneurship.
5. Solarbox: $1 Million – Senegal
Founded in 2022 and headquartered in Dakar, Solarbox focuses on providing sustainable transportation and energy solutions for the African market. This Senegalese startup raised $1 million in a pre-seed round funded by the Digital Energy Facility, a collaboration led by the Agence Française de Développement, along with IetP, Gaia Impact Fund, Launch Africa Ventures, JLL Foundation, and Teranga Capital. Solarbox aims to revolutionize electric mobility while addressing Africa’s energy needs.
4. Ariika: $3 Million – Egypt
Egypt’s Ariika, founded in 2016, is a direct-to-consumer (DTC) furniture and homeware brand that collaborates with artisans worldwide to deliver affordable and modern products. Based in Cairo, the startup secured $3 million in a Series A round led by Beltone Venture Capital, a subsidiary of Beltone Financial Holding, with additional investment from UAE-based Citadel International Holdings. Ariika is on a mission to bring unique and accessible home solutions to consumers.
3. Socium: $5 Million – Senegal
Founded in 2021 and headquartered in Abidjan, Socium creates customized HR solutions tailored for African businesses. The company’s offerings include recruitment systems, payroll management, performance evaluation, and document handling. In November 2024, Socium raised $5 million in a seed round led by Breega, with participation from Partech, Orange Ventures, Chui Ventures, Sonatel, Outlierz, and several angel investors. Socium’s innovative HR solutions simplify workforce management across 11 African countries.
2. Hydrobox: $9 Million – Kenya
Hydrobox, a Kenyan startup founded in 2018, is developing small-scale hydroelectric power plants to provide affordable, sustainable electricity to rural households and industries in developing countries. With its headquarters in Brussels, Hydrobox secured $9 million through a debt round funded by FMO, the Dutch entrepreneurial development bank, and EDFI Management Company under the ElectriFI program. This initiative supports clean energy access across Africa, empowering thousands of rural communities.
1. Abba App: $11 Million – Namibia
Namibia’s Abba App, established in 2022, is a fintech solution offering a secure peer-to-peer mobile payment and digital wallet platform. From event fundraising to quick QR code transactions, the app simplifies financial operations for individuals and businesses. Abba App raised $11 million in November 2024, led by Run4 Capital, the investment arm of Angola-based RUN4 Consultoria e Gestão de Negócios. With this funding, Abba App is set to expand its presence and redefine digital financial services in Africa.
These 5 Fundraising Rounds of African Startups in November 2024 highlight the potential and resilience of African startups across various sectors, from fintech to energy. For more details on these and other fundraising achievements, visit Dadupa.com.
Sources: Wee Tracker, TechCrunch, Disrupt Africa, Business News This Week.