In the high-stakes world of startup funding, the spotlight often falls on founders and investors. Yet, behind the scenes, specialized advisory firms play a pivotal role in orchestrating deals that reshape industries and drive economic growth. In 2024, these power players were instrumental in closing some of Africa’s biggest funding deals, facilitating connections, valuations, and negotiations while founders focused on scaling their businesses.

Advisory firms have become indispensable for startups navigating mega funding rounds, often exceeding hundreds of millions of dollars. These firms manage the intricate details of investor introductions, due diligence, and financial modeling. Their services, though costly, are justified at later stages when stakes are high, and precision is critical.

This year, African tech companies leaned heavily on these firms to secure transformative investments. Below, we examine the key players and their modus operandi in shaping Africa’s funding landscape.

EKTA Partners

London-based EKTA Partners cemented its reputation with landmark deals, including advising Tyme on a $250 million equity raise — the largest fintech round in Africa and South-East Asia this year. The funding brought in new investors Nubank and M&G Investments Catalyst, propelling Tyme to unicorn status and fueling its mission of financial inclusion.

This achievement follows EKTA’s 2022 advisory on Sun King’s $330 million equity raise. Specializing in Series B-D rounds with transaction sizes of $25 million to $300 million, EKTA Partners focuses on companies addressing social and environmental challenges through innovation.

FT Partners

San Francisco-based FT Partners showcased its expertise in fintech with a $110 million equity financing for Nigeria’s Moniepoint, Africa’s leading payments and banking platform. This deal, led by Development Partners International with contributions from the Google Africa Investment Fund, highlighted Moniepoint’s stellar growth — processing over $200 billion in annual transactions and maintaining a 150% CAGR.

FT Partners’ role as exclusive financial and strategic advisor underscored its strength in later-stage financings. Having previously advised Moniepoint on a $25 million convertible loan note in 2022, the firm reinforced its reputation for delivering favorable outcomes for high-growth African fintech companies.

Prosper Africa

Prosper Africa emerged as a major facilitator in Africa’s healthcare sector, supporting U.S.-Africa trade and investment through advisory and advocacy services.

• Alta Semper Capital (April 2024): A $44 million deal expanded healthcare in Egypt through Allmed, the country’s sole manufacturer of dialysis consumables. Prosper Africa’s due diligence and the U.S. International Development Finance Corporation’s (DFC) support were crucial. The transaction boosted U.S. exports and created jobs within the American healthcare supply chain.
• Ilara Health (February 2024): A $3.9 million pre-Series A round enabled affordable healthcare expansion for low- to middle-income populations. Prosper Africa’s market-entry analysis and investor introductions supported growth, benefiting U.S.-based stakeholders and driving demand for American-made portable ultrasound devices.
• LaPaire Glasses (January 2024): With $3.85 million in funding, LaPaire Glasses expanded its affordable eyewear operations across Africa. Prosper Africa’s financial modeling and investor outreach ensured success, boosting exports for U.S.-based frame suppliers and creating new business opportunities for American optical companies.
• Africa Healthcare Network (November 2023): A $20 million deal enhanced renal care in East Africa. Prosper Africa’s acquisition advisory services and alignment with DFC’s goals facilitated the transaction, which supported U.S. manufacturing jobs and exports of medical equipment.

These deals highlight Prosper Africa’s role in fostering economic growth and strengthening trade ties between the U.S. and Africa.

The funding landscape was shaped not only by ambitious founders and eager investors but also by the power players working behind the scenes in closing some of Africa’s biggest funding deals of 2024.

As Africa’s startup ecosystem continues to expand, more of these firms may be needed in birthing the continent’s next unicorns.