2024 overview of African EV funding

From the newsletter

This year to date, the African e-mobility sector has received total funding of $278 million. This is a 2.69% increase from last year’s funding. Investments were distributed among 24 companies across the continent. The top three recipients of investor funds were Moove ($100m), BasiGo ($56m), and Spiro ($50m).

• The increase in funding this year across the continent demonstrates that the EV market in Africa is gaining traction — but slowly. Investors are primarily focused on equity funding rather than debt.

• East Africa has the most deals (20). Africa’s EV market seems to be leaning into the region and multiple investors have confidence in local companies.  

More details

• West Africa led by amount raised with $163 million from nine deals, followed by East Africa with $89 million from twenty deals, and North Africa with nearly $21 million from eight deals. Central Africa accumulated $3.6M, whereas Southern Africa gained $1.1M, both with three deals each. The funding was distributed across various types, including debt ($105.5m), Series B ($100m), Series A ($42m), pre-seed ($2.4m), seed ($1.75m) and other venture rounds ($23.9m).

• Nigeria, Kenya, and Benin attracted the most significant investments, receiving $111.4 million, $80.05 million, and $50 million, respectively. Cameroon ($0.6 million), Ghana ($0.2 million), and Tanzania ($0.1 million) received the least funding.