The 2024 African Blockchain Report, co-published by CV VC and Absa Bank, provides a comprehensive analysis of Africa’s blockchain venture landscape, revealing a story of resilience and strategic evolution in the face of global funding challenges.
Funding Landscape: Quality Over Quantity
In 2024, African blockchain founders raised $122.6 million across 31 deals, highlighting the region’s growing Web3 ecosystem. Despite a decline in overall capital, blockchain deals accounted for more than 13.1% of all venture capital investments on the continent—a remarkable share that demonstrates the sector’s growing importance in Africa’s tech ecosystem.
The report highlights that while funding volumes decreased compared to previous years, the deals that did close were more strategic and focused on sustainable business models. This shift indicates a maturing ecosystem where investors are prioritizing fundamentals over hype.
Key Sectors Driving Growth
- Payment Solutions: Mobile money integration with blockchain
- Supply Chain: Agricultural product tracking and verification
- Identity: Digital identity solutions for the underbanked
- DeFi: Decentralized financial services tailored to African markets
Looking Ahead
As regulatory frameworks continue to evolve across the continent, the blockchain sector is positioned for measured, sustainable growth that addresses real-world challenges unique to African markets.
Image source: AI