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In 2023, African startups secured $2 billion in (mostly equity) funding, marking a 43% decrease compared to the previous year’s $3.3 billion. While this may appear as a downturn, it signifies a maturing ecosystem that emphasizes quality over quantity.
The “Big Four” markets in Africa—Nigeria, Egypt, Kenya, and South Africa—maintained their status as leading investment destinations. Interestingly, Ghana yielded its fifth-ranked position to the DRC Congo, this reflects the potential for new tech hubs to emerge on the continent.
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Last updated: December 24, 2024
