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South Africa emerged as the top destination for venture capital in Africa in 2024, attracting $589 million in deal value.

Nigeria followed closely at $417 million, while startups with headquarters outside Africa raised $362 million.

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Egypt ($353M) and Kenya ($318M) rounded out the top five. Ghana, Morocco, Tanzania, Seychelles, and Côte d’Ivoire completed the top 10, though their figures were significantly lower.

The data, from the Venture Capital in Africa Report 2024, shows where investors see the most growth potential.

Venture capital is a high-risk but high-reward investment in early-stage or growing companies. The report, was released in March 2025.