In 2024 African Blockchain businesses raised $34.7 million across 12 deals
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The recent CVVC report on Africa, entitled “African Blockchain report Q1 2023-Q2 2024,” included some key insights on the growth of blockchain and crypto on the African continent. Despite the slowdown in overall VC funding in Africa in 2023, Web3 startups in Africa had the highest share of Blockchain Venture deals ever at 1.8% in Q1 2024, up from 1.3% in 2023. The biggest investments went into Fintech, logistics, mobility, and cleantech. In H1 of 2024, Blockchain businesses raised $34.7 million across 12 deals. In 2023, blockchain venture funding in Africa represented 6.1% of all sector venture funds and 5.4% of total deals in 2023. However, Africa’s share of global blockchain venture funding decreased to 0.6% in H1 2024. Interestingly, blockchain secured 6.1% of all venture funding in 2023, down from 15.1% in 2022. Seychelles and South Africa contribute 95% of all blockchain venture funding, with ten deals across Africa in 2023. The annual median deal size in Africa is $1 million, but in 2024, the median deal funding size for African Blockchain funding was $2.2 million. Blockchain venture funding in Africa is bigger than global percentages One thing that blockchain in Africa is doing better than globally is that blockchain venture funding accounts for 6.4% of all venture funding and 12.5% of total deals, while globally, blockchain funding accounts for 3.5% of all venture funding and 5.9% of total deals. Africa already has three private blockchain unicorns. Its most recent unicorn status was in 2023 with Scroll, an L2 network built by Ethereum developers for Ethereum developers. It was preceded by the Kucoin and Bitget crypto exchanges. 🌍The latest edition of the CV VC #AfricanBlockchainReport is live! Download the free report now: https://t.co/hFxWlkqSum Uncover the latest developments of blockchain and Web3 on the African continent with our African Blockchain…
Filed under: News - @ July 17, 2024 11:14 am