Posted 3/22/2024, 12:20:02 PM
Venture Funding to African Startups Plunges 31% in 2023
- Venture funding for African startups dropped 31% in 2023 compared to 2022, according to a new report
- The number of deals fell from a record 781 in 2022 to 545 in 2023
- Decline attributed partly to fewer active investors in the region, especially a 50% drop in North American investors
- Foreign investors abandoned African economies struggling with high inflation and currency devaluation
- West Africa was the top region for deals, with Nigeria as the most vibrant market