The Year 2023 May have been a Regressive One from a Funding Perspective for the African Tech Startup Space

According to the ninth edition of the African Tech Startups Funding Report, released last month by Disrupt Africa in partnership with Flourish Ventures, AAIC Investment, and Atlantica Ventures, a total of 406 startups raised a combined total of US$2.4 billion over the course of 2023. After bucking global trends in a record-breaking 2022, African tech saw a reset of sorts in 2023, as the global capital shortage began to bite. The number of funded ventures, and the total funding raised, declined for the first time since 2016, though not as dramatically as many had feared. Leading markets, like Nigeria, and sectors, like fintech, took big hits. But the gender diversity figures were better than usual. They aren’t good, don’t get us wrong, but then they never are. But there are hints of progress. In all, 107 of the funded startups, 26.3 per cent of the total, counted at least one female within their founding team. 
 

DISRUPT AFRICA