Nairobi — 76 percent of funding raised by African start-ups last month went to Kenya and Nigeria.

Out of $180 million (Sh23.27 billion), which was in the form of equity, debt, and grants, raised by 32 startups on the continent, the two countries combined took home $136.8 million (Sh17.69 billion).

"November's numbers are a testament to the resilience and innovation of African entrepreneurs," Africa: The Big Deal, an American newsletter on startups, latest data reads in part.

"Startups in Kenya and Nigeria dominated the landscape, attracting a staggering 76% of all funds raised."

The highlight of the month was the International Finance Corporation's (IFC's) $80 million debt investment in Sun King, a Nigeria-based solar energy company.

This deal alone accounted for 44 percent of the total funds raised and underscored a growing global interest in sustainable energy solutions on the continent.

Kenya also made headlines with its internet service provider, Mawingu, securing $15 million in debt and equity to expand its operations across East Africa.

Meanwhile, Ivorian fintech company Djamo raised a $13 million Series B round, one of the rare late-stage funding rounds this year.

Combined, these three deals accounted for two-thirds of all funding raised in November.

In addition to funding announcements, the month also saw two exits; Egyptian construction tech firm Elmawkaa was acquired by Saudi-based Proptech Company Ayen, and SteamaCo merged with Shyft Power Solutions in a strategic partnership to tackle energy challenges in Africa.

As of November 2024, African startups have collectively raised $1.86 billion with a monthly average of $302 million.

This funding is distributed across equity ($1.2 billion or 64 percent), debt ($635 million or 34 percent), and grants ($33 million or 2 percent).

While this is an impressive milestone, it remains significantly lower than the $2.9 billion raised in 2023.