African startups defy global VC funding slump! Egypt, Kenya, Nigeria & South Africa attract most investment. Increased capital flows could boost development goals.
Global funding from venture capital firms fell significantly amid recession fears.Egypt, Kenya, Nigeria and South Africa continue to attract the most funding on the continent.As rising borrowing costs and recession concerns weighed on global venture capital investment in 2022, Africa’s start-up ecosystem attracted record funding.
Total funding for the continent passed the $3bn mark for the first time and hovered around $4.8bn-5.4bn by the end of the year. It is hoped that continued capital flows to the start-up ecosystem will support broader development goals, ranging from increasing financial inclusion to enabling digital transformation and the energy transition.
with payment solutions such as “buy now, pay later” micro-loans and cryptocurrency continuing to growAfter becoming Africa’s fourth unicorn in 2021, fintech firm Flutterwave raised $250m in February of last year – its biggest funding round to date – bringing its total valuation to over $3bn. Financing company M-KOPA, which started out providing pay-as-you-go solar-panel home systems, also raised $75m in its fifth equity round, bringing its total funding raised to $190m.
While South African tech start-ups secured 12.3% of total funding on the continent in 2022, both the number of backed firms and the volume of investment declined over the past year. Alongside the typically dominant fintech segment, however, e-health and artificial intelligence firms are attracting growing interest.Activity in 2022 stretched beyond the big four, with deals reached in 27 countries on the continent.
The investment flowing to Africa’s start-up ecosystem comes from a wide variety of sources, with at least 987 disclosed investors present in the market in 2022. Local and international early-stage funds – including Launch Africa Ventures, the continent’s most active investor backing 45 start-ups − and accelerators are the primary sources of investment.
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