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African startup funding dropped sharply from 406 in 2023 to 200 in 2024, marking a second consecutive year of decline amid a global capital shortage. Despite this downturn, the "Big Four" tech hubs—Nigeria, Egypt, Kenya, and South Africa—continued to attract the majority of investments, while fintech funding also saw a decline. However, signs of recovery emerged in late 2024 and early 2025, offering hope for improved funding prospects.
Kenyan logistics startup Leta has secured $5 million in seed funding to enhance its AI-powered platform and expand into new African markets, including Rwanda and Mauritius. Founded in 2022, Leta has achieved significant growth, handling 4.5 million deliveries and managing 7,400 vehicles, while helping major brands like KFC and EABL reduce costs. The investment, led by Speedinvest with participation from Google’s Africa Investment Fund, will support the startup's mission to optimize supply chains for businesses across the continent.
Yoshua Bengio, a leading AI pioneer, warns of the potential dangers of advanced artificial intelligence, emphasizing the need for regulation and oversight to prevent misuse and disinformation, particularly in political contexts. He highlights the risks of power concentration among a few organizations and the possibility of AI systems turning against humanity if not properly managed. Bengio calls for immediate action to establish guardrails and liability for companies developing AI technologies to ensure public safety and ethical development.
A study co-funded by the African Development Bank reveals that health technology innovations could enhance healthcare delivery and management across Africa, promoting universal health coverage and supporting the UN Sustainable Development Goals. The report outlines challenges such as fragmented health data systems and complex licensing processes, while recommending policy improvements and stakeholder collaboration to accelerate healthtech development. Dr. Babatunde Omilola highlights the report's significance in guiding governments to foster an environment conducive to innovative health solutions.
Rachel Reeves' budget has raised the Energy Profits Levy on fossil fuel firms, expected to generate £300 million annually, but the Office for Budget Responsibility warns it will deter investment. While small businesses benefit from targeted support, the overall fiscal measures are seen as a blow to larger firms, with national insurance contributions increasing. Despite record tax revenues, unprotected departments face real-terms cuts, raising concerns about future spending.
Global growth in renewable energy projects in Africa remains stagnant, with only one project approved by the Green Climate Fund since 2021, despite significant health and environmental benefits. The chronic underfunding of the GCF, alongside persistent fossil fuel subsidies, hampers progress, while private sector solar developers face significant financial hurdles. As health impacts from climate change intensify, the need for urgent action and innovative research linking climate and health outcomes becomes increasingly critical.
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africa business heroes 2025 winners announced with 1.5 million in prizes
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18:58 23.10.2024
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