While Africa recorded a slight dip in funding and deal count in 2023, the tech industry activity in Africa’s venture capital ecosystem is still very strong and promising. In contrast to other developing nations, Africa’s resilience is distinctive, and success doesn’t necessarily hinge on capital-rich environments. Amidst the well-known challenges associated with the global macroeconomic environment such as high interest rates, currency devaluation, inflation, and layoffs, the Partech Africa Report attributed the funding contraction to two key factors. Firstly, startups adopted conservative capital raising strategies. Secondly, there was a notable withdrawal of investors from the market.

AFRICAN BUSINESS