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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.
Tunisian legal-tech startup Juridoc has secured funding to enhance the digitalisation of legal services across Africa and the Middle East. Founded in 2021, it offers a comprehensive database and an AI-powered search engine, already serving over 4,000 paid users and 252,000 documents. The investment will support technological upgrades, database expansion, and marketing efforts to democratise access to legal information in new markets.
Startups in the MENA region are attracting significant investment, particularly in fintech, gaming, and healthcare. Notable funding rounds include UAE-based NymCard's $33 million for API solutions, ClearGrid's $10 million for AI-driven debt collection, and PlaysOut's $7 million for a mini-game ecosystem. Other ventures like ORO Labs and Grinta are also expanding their offerings in tokenized gold trading and healthcare services, respectively.
Abu Dhabi's investment in Binance enhances its compliance and global operations, positioning it as a leading cryptocurrency exchange. Meanwhile, Tunisian LegalTech startup Juridoc.tn secures funding to expand across 17 African countries, aiming to revolutionize legal services with AI-driven solutions. Additionally, Tern Rewards launches the UAE's first digital rental payment platform, allowing tenants to pay rent via credit card while earning rewards.
Tunisian LegalTech startup Juridoc.tn has secured a strategic investment from Go Big Partners and 216 Capital Ventures to expand its operations across the OHADA region, which includes 17 West and Central African countries. This funding will enhance its AI-driven legal solutions, addressing the growing demand for digital legal services and improving access to justice. Co-founder Qais Asali emphasized the goal of democratizing legal solutions through technology, positioning Juridoc.tn as a leader in Africa's digital legal ecosystem.
LoftyInc Capital Management has raised $43 million for its LoftyInc Alpha Fund, targeting late-seed investments in promising African tech startups, particularly in Nigeria, Egypt, Kenya, and Francophone Africa. The fund attracted diverse backers, including sovereign wealth funds and development finance institutions, reflecting strong regional confidence in LoftyInc's investment capabilities. With a focus on helping startups scale, the fund leverages LoftyInc's extensive network and expertise to support founders in overcoming operational challenges and expanding their market reach.
M&A activity in African tech startups continued to decline in 2024, with only 12 deals recorded, a 20% drop from the previous year. Total funding fell to $1.1 billion from $2.4 billion, marking a second consecutive year of downturn, with South African startups leading acquisitions. Notably, mobility startups saw three acquisitions, while fintech's dominance in previous years waned.
LoftyInc Capital Management has announced the first close of its LoftyInc Alpha Fund, raising $43 million to support late-seed investments in promising African tech startups across Nigeria, Egypt, Kenya, and Francophone Africa. The fund aims to empower entrepreneurs in sectors like financial services, logistics, and AI, backed by a diverse group of investors, including sovereign wealth funds and development finance institutions. Managing partner Idris Ayodeji Bello expressed excitement over surpassing fundraising targets, emphasizing the commitment to fostering Africa's tech ecosystem.
LoftyInc Capital Management has raised $43 million for its LoftyInc Alpha Fund, targeting late-seed investments in Africa's tech startups, particularly in Nigeria, Egypt, Kenya, and Francophone Africa. The fund attracted diverse backers, including sovereign wealth funds and high-net-worth individuals, reflecting strong regional confidence in LoftyInc's expertise. With a seasoned leadership team, the fund aims to support startups in scaling their operations and navigating market challenges, contributing to Africa's growing role in global innovation.
Arab stock markets experienced steady growth in January, marking a second consecutive month of gains, with the composite index rising by 0.97%. Casablanca's stock exchange led the way with a 9.98% increase, followed by Kuwait and Amman at 5.73% and 5.11%, respectively, driven by strong corporate earnings and supportive monetary policies.While most markets thrived, Egypt, Qatar, Palestine, and Dubai saw modest growth of less than 1%. Notably, the Palestinian market recorded a remarkable 261.4% surge in traded value, contrasting with declines in Dubai, Egypt, and Muscat.
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