12 Startups that Shut Down in 2024

In 2024, Africa’s startup ecosystem experienced a challenging year. Eleven promising startups in Kenya and Nigeria closed, reflecting the challenges that African startups face across different sectors.

Rejareja (Kenya)

Rejareja was the e-commerce arm of MarketForce. Tesh Mbaabu and Mesongo Sibuti founded MarketForce in 2018. Rejareja sold fast-moving consumer goods (FMCGs) to retailers at wholesale prices. The goods were obtained directly from producers like Nestle and Unilever and dropshipped the same day. MarketForce raised up to $64.1 million in funding.

In April 2024, Mbaabu announced Rejareja’s shutdown on his personal blog. He explained that although the business had grown rapidly, it experienced a “funding winter” season and struggled to profit from the FMCG market. Downsizing the business provided unsuitable results, so the co-founders decided to shutter Rejareja’s operations. They pivoted towards Chpter, a social commerce platform co-founded by Mark Kiarie and Kuria Kevin in 2021.

Cova (Nigeria)

Cova was a fintech startup founded by Oluyomi Ojo and Yomi Osamiluyi in 2021. Ojo shared the business idea as a tweet. Cova was set up as a digital wealth-tracking platform. Users could track their net-worth across all platforms in real time, managing sensitive documents and beneficiary information. Cova raised a total of $8 million.

Cova’s services were subscription-based, costing $10 per month and $100 per year. In January 2024, Cova informed its users about their decision to shut down through e-mail and promised subscription refunds before the end of February. As documented in Olumide Soyombo’s memoir, Ojo informed Cova’s investors that terminating the business was in everyone’s interest after evaluating the company's financial situation.

Buycoins Pro (Nigeria)

Buycoins Pro was an offshoot of BuyCoins, backed by its parent company - Helicarrier. It was founded by Timi Ajiboye and Ire Aderinokun in 2017 and served as a cryptocurrency platform. It was an order book for advanced traders who traded the NGN/USDT pair. Buycoins raised a total of $1.2 million in funding.

By March 2024, Helicarrier announced that it was discontinuing BuyCoins Pro to strategize and focus its resources on Helicarrier’s core services.

iProcure (Kenya)

iProcure was an agritech startup founded in 2012 by Stefano Carcoforo, Nicole Galletta, Patrick Wanjohi, and Bernard Maingi to optimize rural supply chains in Kenya. The company raised over $17 million in funding.

iProcure entered into administration by April 2024 after Carcoforo confirmed that the company needed bankruptcy protection. iProcure primarily ceased operations due to financial difficulties and unpaid debts.

Copia Global (Kenya)

Copia Global was a B2C e-commerce company founded by Tracy Turner and Jonathan Lewis in 2013. Copia’s business model involved a network of registered local agents to provide urban-produced goods for rural customers at affordable prices. Copia Global raised a total of $123 million in funding and expanded to other countries.

Between 2023 and 2024, Copia laid off several staff members due to economic challenges. By May 2024, Copia Global officially entered administration due to its inability to raise funding.

Gro Intelligence (Kenya)

Gro Intelligence was an agritech startup founded by Sara Menker in 2012. The company gathered data on climate and agriculture using artificial intelligence. These insights were shared with their customers with the aim of promoting food security. Gro Intelligence raised over $117 million in total funding.

In February 2024, Menker was removed from the CEO position. Shortly after, the company laid off 60% of its staff. Regulatory challenges and inconsistent revenue, compounded by a lack of funding, led to Gro Intelligence’s shutdown.

Thepeer (Nigeria)

Thepeer was a fintech startup founded by Kosisochukwu Chike Onoye and Micheal Okoh in 2021. It allowed businesses to integrate and support cross-business transactions. Thepeer raised a total of $2.3 million in funding.

In April 2024, Onoye and Okoh announced that Thepeer would be placed in maintenance mode. They explained that compliance was a major issue after acquiring several operational licenses. They also stated that after considering other options, shutting down and returning the remaining capital to investors was the most viable solution.

HerRyde (Nigeria)

HerRyde was a women-only ride-hailing platform founded by Monsurah Oluwafuyi, Muhammad Muazu, and Kamaldeen Ibrahim in 2022. The company connected verified female drivers with female customers. It aimed to provide safer ride experiences for women while creating job opportunities for women in the logistics sector.
In May 2024, HerRyde was hibernated primarily due to a lack of funding. Oluwafuyi stated that the board was re-strategising while seeking opportunities with investors to rack up funding for a possible re-launch.

MVX (Nigeria)

MVX was a fintech startup founded by Tobi Amusan and Tonye Membere-Otaji in 2019. The co-founders nursed the idea of a central vessel marketplace for Nigeria and a digitized method of tracking cargo shipments in Africa. MVX raised a total of $1.4 million in funding from eight investors and expanded operations to other African countries.

In November 2024, MVX’s website was put up for sale. The company struggled to continue operations due to the naira’s constant depreciation and unpredictable policies from the Nigerian Customs Service (NCS).

Chopnownow (Nigeria)

Chopnownow was a food-tech startup founded by Olamide Olaleye in 2020. The company started out delivering food from its kitchen for free. Later, it included a dine-in option, employed delivery motorbikes, and established partnerships with other businesses like OFood and Glovo.

Due to inflation, Chopnownow’s free delivery service ended. The inception of other food delivery apps led to competition, and customers moved to businesses that offered discounts. Olaleye commented on this, stating that customers were not loyal. He also revealed his decision to pivot to Shopnownow, a grocery delivery platform.

Quizac (Nigeria)

Quizac was an edtech startup founded by Tade Samson, Tobi Awogbemi, Hussein Alayo, and Babatunde Caleb in 2019. The company presented engaging, constructive learning patterns for African students. Soon, its offerings extended towards employees in corporate settings.

Quizac closed in August 2024. Despite the high user rate, monetizing its services was a major challenge. One week after the shutdown was announced, Tekedia Capital acquired the company.

LetsChat(Nigeria)

LetsChat was established by ByteDance, TikTok’s parent company, in 2021. It was poised to be Africa’s data-saving messaging platform, directly competing with industry players like Telegram and Meta’s WhatsApp. The company opened an office in Nigeria and focused on using influencer marketing to reach its target audience—young people. By 2023, the LetsChat app had acquired about 5 million downloads, gaining the most traction from Nigeria, with significant activity from Mali, Ivory Coast, and Angola.

LetsChat’s app reportedly had technical glitches, and over time, user downloads declined. ByteDance removed the app from app stores in February 2023. By March, users were informed they would not be allowed to log in. ByteDance informed Rest of World that its decision to shut down LetsChat in Nigeria was to focus on other priorities.

Check out 18 startups that shut down in 2023.