Senegal's startup ecosystem has seen significant growth in recent years, with a surge in investments across various sectors. However, in 2024, overall funding across Africa experienced a downturn. Despite this challenging landscape, a number of resilient startups in Senegal managed to secure critical investments, demonstrating their potential to drive transformative change in the region. This article highlights some of the largest startup funding rounds in Senegal this year, showcasing how these companies navigated a tougher funding environment.

LAfricaMobile

LAfricaMobile, a Dakar-based cloud communication and AI company, specializes in helping African businesses strengthen customer engagement through mobile technology. Founded to address the growing need for multichannel and inclusive communication solutions, the company serves diverse sectors, including banking, insurance, fintech, healthcare, education, agriculture, and public services. In 2024, LAfricaMobile secured a total of $7 million in Series A funding. The initial $4.6 million was raised in June, followed by an additional $2.2 million led by Bpifrance, with participation from Janngo Capital, Southbridge Investments, and Ciwara Capital. This funding will support its expansion across Francophone Central Africa and drive digital transformation for public and private organizations.

Socium Job

Socium.Job, a Senegalese HR tech startup founded in 2021 by Samba Lo, provides a comprehensive platform for talent recruitment, payroll, and workforce management across Francophone Africa. Headquartered in Senegal and Côte d'Ivoire, the company serves over 100 clients across 15 countries, including major firms like Orange, EY, and Philip Morris International. In 2024, Socium secured a $5 million seed round led by Breega, with participation from Partech, Orange Ventures, Chui Ventures, and others, to accelerate its expansion and enhance automation in HR processes.

Maad

Maad, a Senegal-based B2B e-commerce startup founded in 2020 by Sidy Niang and Jessica Long, provides an end-to-end distribution platform for informal retailers to source fast-moving consumer goods (FMCG) directly from suppliers. The company streamlines inventory management through its app, call center, and field agents, serving 6,500 retailers with a monthly GMV of $3 million. In 2024, Maad secured $2.3 million in seed funding, combining equity led by Ventures Platform with participation from Seedstars International Ventures, Reflect Ventures, Oui Capital, Launch Africa, Voltron Capital, and Alumni Ventures, alongside $900,000 in debt from Proparco and local banks.

Baobab+

Baobab+, a social enterprise founded in 2015 as part of the Microcred Group, provides access to solar energy and digital services across rural Africa, operating in Senegal, Mali, Madagascar, Côte d'Ivoire, and Nigeria. The company distributes solar kits, water filters, and educational tablets through innovative financing solutions like Pay-As-You-Go to serve over 100,000 clients. In 2024, Baobab+ Nigeria secured a $2.25 million credit facility from impact investment firm All On to deploy 1,536 solar energy systems across Nigeria. The funding will support the expansion of Baobab+’s PayGo Agent Network into underserved communities, improving access to affordable renewable energy and advancing environmental sustainability.

Rubyx

Rubyx, a Senegal-based fintech startup founded by Denis Moniotte and Thomas Carrié in 2018, specializes in digital lending solutions for micro-entrepreneurs and SMEs in emerging markets. Leveraging advanced algorithms and behavioral economics, the company enhances access to credit for underserved businesses across Africa and Asia. In 2024, Rubyx secured a $446,900 (€400,000) loan from Proparco through the Bridge by Digital Africa facility, bringing its total financing to $1.67 million. This funding will accelerate the deployment of its algorithmic lending platform, enabling microfinance institutions and startups to bridge the credit gap and drive financial inclusion across the continent.

Solarbox

Solarbox, a Senegalese electric mobility startup founded in 2022 by Tijan Watt, specializes in designing and deploying custom-built electric vehicles for businesses, including two- and three-wheelers. The company integrates solar charging systems, financing options, and fleet management solutions to offer sustainable transportation alternatives across West Africa. In 2024, Solarbox secured $1 million in pre-seed funding, led by the Digital Energy Facility, with participation from Launch Africa Ventures, JLL Foundation, and Teranga Capital. This investment will help Solarbox meet the growing demand for clean, efficient mobility solutions in Senegal and neighboring regions.

Eyone

Eyone, a Senegalese healthtech company founded in 2015 by Henri Ousmane Gueye and John Diatta, focuses on digitizing healthcare systems to improve access to patient data and streamline medical processes. The company’s platform centralizes medical records, enabling healthcare providers and patients to share data seamlessly. In 2024, Eyone secured $1 million in funding, led by Sonatel's Venture Innovation Fund (VIF) with participation from BICIS. The investment will enable Eyone to expand across Africa, integrate AI into its platform, and scale its workforce to support the growth of digital healthcare in the region.

As Senegal's startup landscape continues to evolve amid a broader funding slowdown across Africa, the significant rounds secured in 2024 underscore the resilience of some of its most innovative companies. While investors on the continent were generally more cautious, several startups in Senegal managed to raise crucial capital to support their growth in key sectors such as finance, healthcare, and mobility. These targeted investments highlight a determined effort to drive digital transformation and sustainable economic growth, even in a challenging investment climate. The future remains promising for those companies that continue to adapt and thrive despite the overall downturn in funding across Africa.