Africa has emerged as a vibrant hub for innovative startups, transforming industries and revolutionizing daily lives in the ever-changing technological landscape. The African tech startup ecosystem has long been lauded as a hotbed of innovation and entrepreneurialism, with impressive growth and potential. However, the first half of 2023 has revealed a disturbing trend: a drop in funding for African tech startups. With 131 startups raising $1.19 billion, compared to the staggering $3.1 billion raised by over 303 startups in H1 2022. This huge dipped believed to be a ripple effect of the Great Reset that became evident in the last quarter of 2022.
African Tech Startups H1 2023 Funding Report
African tech startups' VC funding dipped by over 50 per cent in the first half of 2023, as 131 startups struggled to raise $1.19 billion.
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