January 26

How African Startups Raised Funding in 2023

By Annie NjanjaTage Kene-Okafor

After defying the global funding slowdown of 2022, VC investments in African startups dropped considerably last year, mirroring the situation in other regions where capital taps were significantly turned off. The drop, however, was not unexpected as months preceding the year, deals had become infrequent as investors began to pull away. Data trackers set the amount raised by African startups in 2023 at between $2.9 billion and $4.1 billion, from $4.6 billion to $6.5 billion in total funding the previous year.

Photo courtesy of Micheile Henderson.

Source: Tech Crunch (link opens in a new window)

global development, MSMEs, startups, venture capital