Nǐ hǎo,
Victoria from Techpoint here,
Here's what I have for you:
- Egypt launches e-voting platform
- African startups raised $2.2B in 2024
- PBR Life Sciences’ $1M pre-seed
African startups raised $2.2B in 2024
Venture funding in Africa took a hit in 2024, dropping by 25% compared to 2023. Startups across the continent managed to raise $2.2 billion, a sharp fall from the $2.9 billion raised the previous year and even further from the $4.6 billion seen in 2022.
According to a venture funding analytics company, Africa the Big Deal, 188 startups raised at least $1 million in 2024 — 10% fewer than the 209 in 2023 and a big drop from the 353 startups that hit the same mark in 2022.
The numbers cover equity, debt, and grants but don’t include exits. On the bright side, exits were up, with 22 startups announcing acquisitions compared to 20 the year before.
The year started slow, with only $800 million raised in the first half—just 36% of the total, making it the slowest start since 2020. However, things picked up in the second half, with $1.4 billion raised. That’s a 75% increase from the first half and a 25% jump compared to the same period in 2023.
This rebound was mainly driven by two big deals: Moniepoint’s $110 million Series C round in October, which pushed the fintech into unicorn status, and Tyme Bank’s $250 million Series D in December, which made it Africa’s 10th unicorn.
The decline in funding is partly due to a drop in debt financing, which made up only 30% of the total funding in 2024. While this shows debt financing is slowing down, it also hints at a return of investor confidence in Africa’s startup ecosystem.
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Despite the overall dip, the late recovery and massive deals like Moniepoint’s and Tyme Bank’s show that Africa’s tech scene is still alive and kicking, with plenty of potential for growth.
Egypt launches e-voting platform
Egypt is stepping up its game with new tech-driven tools to make governance smoother and elections more transparent. The country has rolled out e-voting and government service monitoring platforms as part of its Vision 2030 plan, aiming to improve citizen engagement and accountability.
The e-voting system is all about modernising elections — making the process more efficient, accessible, and secure. By using digital platforms, the government hopes to boost voter turnout and ensure fairer election outcomes. It’s a trend we’re seeing across Africa, as more countries experiment with tech to strengthen democracy.
On top of that, there’s a new app that lets citizens rate government services and file complaints in real time. This gives people a direct channel to hold the government accountable while pushing for better service delivery. The idea is to build trust and create a stronger connection between citizens and the state.
Both initiatives are big steps toward Egypt’s Vision 2030 goals of better governance and more citizen involvement. Plus, they position Egypt as a regional leader in digital transformation. By adopting these tools, the government is making its administration more efficient and responsive to people’s needs.But Egypt isn’t the only one exploring this path.
Nigeria, for example, tested electronic voting in 2018 during local elections in Kaduna State. It was a promising start, but scaling this nationwide has been tough due to infrastructure and cybersecurity concerns. It has also launched its Citizens’ Delivery Tracker App, which works similarly to Egypt’s monitoring app by letting people review public services.
PBR Life Sciences’ $1M pre-seed
PBR Life Sciences, a player in life sciences and healthcare data, has snagged $1 million in pre-seed funding. The company plans to use the funds to grow its data-as-a-service platforms in Nigeria and branch out to Ghana and Kenya.
The funding round saw participation from investors like Launch Africa, Microtraction, Kaleo Ventures, Octerra Capital, Marula Square, XA Africa, ARM Labs, and Techstars.
Founded by Ayodeji Alaran, a pharmacist turned entrepreneur, PBR Life Sciences shifted gears to focus on big data and analytics in 2021. Alaran, who has worked with industry giants like GSK, Pfizer, and AstraZeneca, noticed a huge gap in healthcare data across emerging markets and decided to do something about it.
The company now provides easy access to high-quality healthcare data and market insights for a variety of clients — think pharmaceutical companies, health tech startups, consulting firms, and research institutions in Africa, Europe, America, and Asia.
Until recently, PBR Life Sciences concentrated on data from Nigeria. Over the past two years, they’ve built their proprietary AI infrastructure using anonymised healthcare data from across Africa, setting the stage for expansion.
Alaran said that investor support is motivating and helps them aim for growth and profitability. He pointed out that while the healthcare industry in emerging markets is growing fast, there's no data to guide decisions. PBR Life Sciences aims to become the leading provider of healthcare data in these regions by 2030.
Sidebar Alert: The company was part of the second cohort of the ARM Labs Lagos Techstars Accelerator and has been busy helping clients make smarter, data-driven decisions about product pricing, forecasting, new product development, and healthcare strategy.
What I'm watching
- BRAIN ROT | Why You Are Losing Control Of Your Brain?
- Is English just badly pronounced French?
Opportunities
- Moniepoint is hiring for several roles. Apply here.
- Celebrate the New Year with delightful stories like Smart Couples. Call 421 on your Airtel line now — you won't be charged! Alternatively, call 07080601391 at your network's regular rate. Learn more here.
- Follow Techpoint Africa's WhatsApp channel to stay on top of the latest trends and news in the African tech space here.
Have a wonderful Wednesday!
Victoria Fakiya for Techpoint Africa.
