December 2024 marked a historic month for African startups, with numerous record-breaking fundraising rounds. Notably, one of these startups achieved unicorn status, a testament to the growing influence of African innovators in global markets. Below, we highlight the 10 Fundraising Rounds of African Startups in December 2024, showcasing the diversity and dynamism of these ventures.
10. Eyone – $1.0M (Senegal)
Based in Dakar, Eyone, raised $1 million in a Series A round. Eyone operates in the HealthTech sector, focusing on innovative medical solutions tailored to African communities. This funding, supported by the Groupe Sonatel’s VIF (Véhicule d’Investissement et de Financement) and BICIS, will help expand their reach and improve healthcare access across the region.
9. Z.Systems – $1.1M (Morocco)
Morocco-based Z.Systems secured $1.1 million in a Seed round. This transformative super app focuses on B2B trade and distribution in various sectors, from FMCG to construction materials. The fund was led by MNF Ventures, Witamax, Cash Plus Ventures and Kalys Ventures. This funding will accelerate the platform’s growth, connecting over 120,000 retailers with industrial partners.
8. Enakl – $1.4M (Morocco)
Enakl, headquartered in Casablanca, raised $1.4 million in a Pre-Seed round Led by Catalyst Fund, Renew Capital, Digital Africa, Station F, and other business angels. Operating in the Mobility and Transport sector, Enakl leverages technology to offer affordable, reliable, and sustainable urban transportation solutions tailored to emerging markets.
7. Billboxx – $1.6M (Nigeria)
Lagos-based Billboxx raised $1.6 million in a Pre-Seed round led by Norrsken Accelerator and Kaleo Ventures. The startup offers a B2B SaaS solution to automate billing and payment workflows, helping businesses streamline cash flow and prevent operational disruptions caused by payment delays.
6. Juicyway – $3.0M (Nigeria)
Juicyway, a FinTech startup specializing in cross-border payment solutions, raised $3 million in a Pre-Seed round. The funding, led by P1 Ventures, will be used to enhance its platform and foster seamless global transactions for African businesses and individuals.
5. LAfricaMobile – $7.0M (Senegal)
Senegal’s LAfricaMobile secured $7 million in a Series A round. The company is a leader in cloud-based multi-channel communication, offering SMS, USSD, and WhatsApp Business solutions across West Africa. Investors like Bpifrance and Janngo Capital backed this round.
4. Sourcefin – $8.3M (South Africa)
Johannesburg-based Sourcefin raised $8.3 million in an Other round led by Futuregrowth’s High Growth Developmental Equity Fund. Specializing in tender and purchase order funding, Sourcefin empowers South African entrepreneurs with financial services that drive business growth.
3. HUB2 – $8.4M (Ivory Coast)
HUB2, a FinTech startup from Abidjan, raised $8.4 million in a Series A round. The funding, led by TLcom Capital and a consortium of investors, will help HUB2 expand its payment infrastructure and interoperability services across Francophone Africa.
2. Nuitée – $48.0M (Morocco)
Moroccan startup Nuitée secured $48 million in a Series A round led by Accel. Nuitée specializes in API infrastructure for the travel industry, enabling businesses to build booking platforms and streamline hotel distribution.
1. Tyme – $250.0M (South Africa)
Tyme, headquartered in Singapore but operational in South Africa, raised a staggering $250 million in a Series D round led by Nubank. TymeBank, part of Tyme Group, is a digital bank serving over 12 million customers. This milestone funding round propelled TymeBank to unicorn status, making it the first African digital bank to achieve such recognition.
Conclusion
December 2024 was a landmark month for African startups, reflecting the continent’s growing prominence in the global innovation ecosystem. From FinTech to HealthTech, these 10 Fundraising Rounds of African Startups in December 2024 underscore the diversity and potential of Africa’s entrepreneurial landscape.
Source: Data compiled by DADUPA