Africa sees a boost in venture capital activity in the first half of 2024, with Launch Africa, Techstars, and 54 Collective all leading the charge in the African market.

In the dynamic world of African venture capital, a select group of investors has stood out in the first half of 2024. Despite a reported slowdown in investment across the continent, these VCs have remained active, driving growth and development in the small and medium enterprises sector.

Leading the pack is Launch Africa, a Pan-African VC fund that has been involved in 12 deals during this period. Founded in 2020, Launch Africa addresses the funding gap in Seed and pre-Series A investments across Africa. The firm has spent over 400 hours working directly with its portfolio founders to accelerate their growth.

Techstars, a leading pre-seed venture capital firm, follows closely with nine deals, making it the second-most active investor on the continent. Known for its investment in a diverse, global pool of entrepreneurs and high-growth companies, Techstars completed 56 deals in 2023, marking it as the most active investor on the continent last year.

The 54 Collective (formerly Founders Factory Africa) has also been active, with seven deals during the first half of 2024. The rebranding of the firm reflects its ambition to offer local startups a more global outlook. The 54 Collective's local teams offer hands-on venture support, providing early-stage startups with a platform to build without boundaries.

Renew Capital, another key player, has exceeded its 2023 performance with seven deals in 2024 compared to five last year. The firm focuses on investing in African growth-oriented small and medium enterprises, with a strong emphasis on private sector development.

Joining these top investors are Y Combinator, DFC, and Baobab Network, each completing more deals in the first half of 2024 than they did in 2023. Catalyst Fund, a thesis-driven VC fund and accelerator that emphasizes hands-on venture building, also boasts seven deals during this period.

Notable absentees from this year's most active list include Ventures Platform and Norrsken. However, Flat6Labs and LoftyInc, though quieter lately, have been actively raising new funds and are expected to make headlines again soon.

A new report by Africa the Big Deal indicates a slowdown in investment across the African continent. Despite this, these top VCs continue to drive growth and development, investing in promising startups and supporting their growth. As we move into the second half of the year, it will be interesting to see how this trend continues.

Africa sees a boost in venture capital activity in the first half of 2024, with Launch Africa, Techstars, and 54 Collective all leading the charge in the African market.