Top 5 Regions for MobilityTech Funding in Africa

MobilityTech in Africa is booming, driven by urbanization, sustainability, and innovative financing. Here’s a quick look at the top regions leading the charge:

Northern Africa: $640M in 2023, focusing on electric mobility and digital transformation (e.g., Shift EV‘s $9M Series A).
West Africa: $400M in 2023, with Nigeria at the forefront. Key players include Moove ($110M) and MAX ($31M).
Central Africa: Emerging with $42M in DRC and $38M in Rwanda, focusing on logistics and e-mobility.
Southern Africa: $600M in 2023, emphasizing sustainable transport and digital logistics.
East Africa: $335M in 2023, led by Kenya. BasiGo raised $30.1M for eco-friendly transit.

Quick Comparison

Region	2023 Funding	Key Focus Areas	Notable Companies
Northern Africa	$640M	Electric mobility, digital platforms	Shift EV
West Africa	$400M	Vehicle financing, shared mobility	Moove, MAX
Central Africa	$80M (DRC, Rwanda)	Logistics, e-mobility	BEE
Southern Africa	$600M	E-mobility, digital logistics	AUTO24.africa
East Africa	$335M	Electric mobility, last-mile delivery	BasiGo, Trans Boda

Africa’s MobilityTech sector is transforming transportation with sustainable and accessible solutions. Read on for deeper insights into each region.

Top 10 Most Funded African Startups in 2024 – Breaking Down the Trends

1. Northern Africa: A Hub for MobilityTech Investment

Northern Africa, with Egypt at the forefront, has established itself as a leading destination for MobilityTech funding. In 2023, the region attracted $640 million in investments, despite global market pressures ^[2]. A standout example is Shift EV, a company specializing in fleet electrification for emerging markets, which secured $9 million in Series A funding ^[4].

Several factors are driving this momentum, including advancements in electric mobility, digital transformation, and collaborations with international investors. The region has particularly made strides in:

Electric vehicle projects and fleet electrification
Digital marketplace development
Building connections with global investors

Although challenges like infrastructure gaps and high operational costs remain, startups are addressing these hurdles through innovative financing models and partnerships ^[1]^[3].

Key Aspects	Impact on Northern Africa
Focus Areas	Electric mobility, Digital transformation
Success Drivers	Large market potential, Government backing
Regional Solutions	Public-private partnerships, Innovation hubs

"In this dry market, the African tech ecosystem paid much more attention to Francophone Africa growing its share of transaction and funding", says Tidjane Deme, general partner at Partech Africa ^[2].

Looking ahead, Maelis Carraro, Managing Partner of Catalyst Fund, foresees more investments flowing into electric mobility and climate-focused technologies ^[1]. AUTO24.africa’s expansion in Northern Africa further highlights the region’s growing role in the digital automotive marketplace, especially in areas like vehicle trading and accessibility.

While Northern Africa strengthens its position in the MobilityTech landscape, West Africa is quickly emerging as another major player in the sector.

2. West Africa: Driving MobilityTech Growth

West Africa, with Nigeria at the forefront, attracted $400 million in mobility tech funding in 2023, establishing itself as a major force in Africa’s evolving transportation landscape ^[1]. Among the key players, MAX secured $31 million in Series B funding, enabling its expansion into Ghana and Egypt through flexible vehicle financing and subscription-based services ^[3].

Funding Highlights	Impact
Total Regional Funding (2023)	$400 million
MAX Series B Funding	$31 million
Moove’s Vehicle Financing Model	$110 million
Q1 2024 Startup Funding	$178.6 million

The sector continues to grow with companies introducing fresh approaches to transportation challenges. T40 Technologies is improving intercity travel and logistics through its digital platforms ^[4]. Meanwhile, Moove, backed by $110 million in funding, is reshaping vehicle financing in the region by helping ride-hailing drivers acquire cars without upfront payments ^[1].

AUTO24.africa is boosting vehicle accessibility and trade through its online marketplace, further strengthening the region’s mobility ecosystem. The momentum carried into Q1 2024, with mobility startups raising $178.6 million ^[1].

This progress mirrors broader trends in MobilityTech, especially in shared mobility and creative financing models. Though challenges like high operational costs and vehicle affordability remain, companies are addressing these hurdles through strategic partnerships. Expansion into Francophone markets also presents new opportunities, as local investors tap into underexplored areas.

While West Africa continues to lead the charge with inventive solutions, regions like Central Africa are beginning to establish their presence in the MobilityTech space.

3. Central Africa: Emerging Opportunities in MobilityTech

Central Africa is making its mark in Africa’s mobility technology scene, tackling unique transportation challenges in the region. This reflects a growing trend of spreading MobilityTech investments across the continent.

Country	2023 Funding	Key Focus Areas
DRC	$42 million	Logistics, Transportation
Cameroon	–	Ride-hailing, Delivery Services
Rwanda	$38 million	E-mobility, Drone Technology

The region’s mobility landscape is being shaped by startups like BEE in Cameroon, which is working on new transport and delivery solutions ^[4]. Rwanda, in particular, has caught attention by securing $38 million in funding in 2023, approaching levels seen in the Big Four VC markets ^[2].

Even with infrastructure challenges and regulatory barriers, local investors are tapping into the potential of Francophone markets, focusing on solutions tailored to the region. Startups are addressing these challenges with solutions designed for local needs.

The growth in this sector is bolstered by partnerships between local startups and established players in the region. These collaborations are helping to build a stronger ecosystem, tackling Central Africa’s specific challenges while drawing on lessons from neighboring regions.

While Central Africa gains traction with its mobility innovations, Southern Africa continues to hold its ground as a major hub for MobilityTech funding.

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4. Southern Africa: A Key Player in MobilityTech

Southern Africa plays a major role in mobility tech, attracting $600 million in funding and securing its position as the third-largest VC market in Africa ^[2]. While Northern Africa focuses on electric mobility and West Africa leads in vehicle financing, Southern Africa stands out for its emphasis on sustainable transportation and digital logistics.

Key areas of focus in the region include:

E-mobility: Advancing clean technology and building EV infrastructure.
Digital logistics: Developing platforms that improve supply chain efficiency.
Urban mobility: Creating solutions to enhance last-mile delivery and accessibility.

Focus Area	Key Developments	Market Impact
E-Mobility	Clean tech and EV infrastructure	Increasing adoption rates
Digital Platforms	Advanced logistics platforms	Boosted operational efficiency
Last-Mile Delivery	Urban mobility innovations	Better accessibility

A notable example is AUTO24.africa’s expansion in Southern Africa, which showcases the region’s readiness for scalable digital automotive solutions tailored to local needs. Although funding levels have slowed in 2023, local investors are stepping in to support growth, focusing on untapped market opportunities ^[1]^[2].

Startups in the region are tackling challenges by leveraging:

Flexible financing models to make solutions more accessible.
Partnerships with local organizations to strengthen market reach.
Customized solutions designed for specific local demands.

With its growing urban infrastructure and increasing demand for transport innovation, Southern Africa serves as a prime testing ground for mobility technologies. These advancements not only benefit the region but also pave the way for scalable solutions across other African markets ^[1]^[3].

While Southern Africa continues to lead in mobility innovation, East Africa is quickly emerging as a promising market with its own unique opportunities.

5. East Africa: A Growing Market for MobilityTech

East Africa is quickly becoming a major player in mobility tech, with Kenya leading the charge. In 2023, the region attracted $335 million in funding, highlighting its rising importance in this space ^[2].

A great example of this growth is BasiGo, which secured $30.125 million in funding. This reflects strong investor trust and a clear focus on sustainable transit solutions ^[4]. BasiGo’s efforts demonstrate how the region is prioritizing practical approaches to eco-friendly transportation.

Focus Area	Key Development	Impact
Electric Mobility	BasiGo’s EV buses; Trans Boda’s e-motorcycles	Lower emissions and better last-mile delivery
Vehicle Financing	New funding models	Making vehicles more accessible

Startups like BasiGo and Trans Boda are tackling challenges head-on, offering solutions that range from electric buses to e-motorcycles. These efforts not only cut down emissions but also improve transportation efficiency, particularly for last-mile delivery.

What’s driving this growth? Urbanization, a push for sustainability, and digital transformation. East Africa’s focus on solving local problems with scalable, eco-conscious solutions sets it apart from other regions.

Maelis Carraro, Managing Partner of Catalyst Fund, notes that funding prospects for mobility tech remain strong, especially for startups prioritizing climate-friendly innovations ^[1]. By blending sustainability with accessibility, East Africa is carving out unique opportunities for progress in the mobility sector.

With its emphasis on practical and sustainable solutions, East Africa is poised to lead the way in shaping the future of mobility across the continent.

Broader Trends in MobilityTech Funding

Africa’s mobility tech sector is undergoing rapid changes, showing resilience even with a 62% drop in Q1 2024 funding compared to the previous year ^[1]. Regional differences stand out, with South Africa ($806M), Nigeria ($675M), Egypt ($575M), and Kenya ($565M) leading in 2023 funding. International investors play a crucial role, as seen in Moove’s $100M Series B led by Uber and MAX’s $31M Series B co-led by Lightrock and Global Ventures. These investments reflect global confidence in Africa’s mobility tech space ^[1]^[3].

The sector is expanding beyond its traditional hotspots, with Francophone markets gaining traction. This shift in funding distribution shows how the industry is adapting to a wider range of market conditions ^[2].

Two major trends are shaping mobility tech funding: sustainability and financial inclusion. Electric mobility startups like Shift EV ($9M Series A) are leading the charge in clean technology. Meanwhile, companies such as Moove and MAX are introducing innovative financing models that make vehicle ownership more accessible. These solutions not only address affordability challenges but also attract significant investment by targeting underserved markets with scalable approaches ^[1]^[3]^[4].

In 2023, the sector raised $43.8M through 18 companies, 29 deals, and one M&A transaction ^[4]. These trends underline the sector’s resilience and its potential for further growth and development.

Summary and Future Outlook

Africa’s MobilityTech sector highlights the unique strengths of its regions. Northern Africa is making strides in electric mobility, West Africa is advancing vehicle financing with examples like Moove securing $110 million, and East Africa is progressing in eco-friendly transit solutions. Meanwhile, Central Africa focuses on logistics, and Southern Africa is prioritizing urban mobility and digital platforms ^[1]^[4].

The future of this sector is tied to climate-conscious investments, as sustainability becomes a key driver of progress across the continent. Maelis Carraro from Catalyst Fund emphasizes this growing focus ^[1]. AUTO24.africa’s expansion across regions reflects the increasing demand for scalable, continent-wide mobility solutions, especially in vehicle trading and accessibility.

Despite a 62% dip in funding during Q1 2024, the sector shows resilience with steady month-over-month recovery ^[1]. Three major trends are shaping its progress:

Trend	Impact
Electric Mobility	Urban areas are embracing sustainable transport solutions.
Financial Innovation	Vehicle financing options are expanding, opening up access to more users.
Digital Integration	Tech-driven logistics and transportation platforms are gaining traction.

The development of MobilityTech across Africa’s regions illustrates the continent’s ability to create solutions tailored to local needs while drawing global investment. As these trends advance, the sector is set to transform transportation, addressing local challenges and tapping into global opportunities.