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Ugandan startups raised $19m in 2024, bouncing back from the lowly $4.8m that they raised in 2023 as per Africa: The Big Deal database. Africa: The Big Deal database is a database that captures African startups’ funding since 2019. For a startup to be classified as African, it must be operating in Africa with an HQ on the continent, or one with an HQ outside Africa but with African founders building for Africa. The database also captures publicly disclosed deals or those shared by investors/founders. It captures deals from $100k since 2021. The $19m raised in 2024 is way off…
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The startup ecosystem in Uganda has experienced remarkable growth over the past five years, with an increasing number of entrepreneurs launching innovative ventures across various sectors. As these startups seek to scale their operations and drive impact, they have turned to investors for funding support. This analysis delves into the funding landscape of Ugandan startups from 2019 to 2024, uncovering key trends and insights that shed light on the startups that have raised the most funding. For a startup to be included on this list, we had a cut-off of at least $1m raised in its lifetime and 16 startups…
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Ugandan startups raised $19m in the first half of 2024, as per Africa: The Big Deal data. Overall, African countries raised $780m which is a 57% decline from what African startups managed to raise in H1 2023. It is also a 31% decline from what was raised in H2 2023. The $19m raised by Ugandan startups was good enough for 7th on the continent. Kenya was the most attractive destination for funding, attracting $244m in H1 2024, edging out the other big four members; Nigeria ($172m), Egypt ($101m) and South Africa ($85m). Together, the big four accounted for 79% of…
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