African startups experienced a significant surge in funding during February 2024, raising a total of $217 million, marking an impressive 182% increase compared to January. This information comes from a report by ‘Africa.

The Big Deal,’ a platform monitoring startup deals across the continent. In January, the report noted a total funding of $77 million.

The report accounted for Uber’s reported $100 million investment in Nigeria’s mobility fintech, Moove, even though the deal is yet to be concluded. The report clarified that they confirmed the ongoing $100 million Series B investment directly with one of the investors.

The research platform revealed that 38 startups secured at least $100,000 in equity, debt, or grants in February, maintaining the same number as in January.

However, the total announced amount was nearly three times higher, with $217 million ($156 million in equity and $59 million in debt).

The report emphasized the positive shift in funding activities, stating, “As you may remember, January was a pretty quiet month with only $77 million worth of deals announced on the continent. The good news is that things have picked up in February.”

Moove played a significant role, contributing 51% of the total funding in February, making it the largest contributor.

The report highlighted other notable activities, including three announced exits: Carbon’s acquisition of Vella Finance, Auto24’s acquisition of Kupatana, and the potential acquisition of Umba by FairMoney.

The cumulative funding for startups in 2024, as per the report, is just shy of $300 million. Out of 80 startups raising at least $100,000, 38 have secured at least $1 million.

Notably, the report indicated that the “Big Four” countries—Nigeria, Kenya, Egypt, and South Africa—claimed 86% of the total funding.

Nigeria led the pack with 42% ($123 million), followed by Kenya at 27% ($81 million). Egypt and South Africa trailed with 10% ($28 million) and 7% ($22 million), respectively.

The report also highlighted that beyond the “Big Four,” only Uganda has surpassed $10 million in funding so far in 2024.

In terms of sectors, Logistics & Transport dominated funding, thanks to Moove, followed by Healthcare, Fintech, and Energy.

Fintech led in the number of individual startups raising funds, representing 23% with 18 out of 80 startups.