Africa’s venture capital market is recovering, but as funding returns, it is being directed to fewer new startups capable of sustaining that recovery.
According to Condia’s State of Startup Funding in Africa II report, seed-stage deals have fallen from 105 in 2022 to just 31 in 2025. The decline worries investors because today’s seed companies become tomorrow’s Series A and B businesses.
A shrinking pipeline leaves investors with fewer opportunities to back category leaders and increases the temptation to concentrate capital in a small pool of already established winners.
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Last updated: July 16, 2026
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