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2023 Funding in Africa Could be Below 2022 Levels
According to The Big Deal, startups in Africa raised half a billion dollars in Q3 2023 ($324 equity + $176 debt).
Quarterly funding raised is not at the lowest level since Q4 2020.
$2.3 billion has been raised by African startups since the beginning of the year until the end of Q3 2023, but this amounts to less than half of the total amount raised in 2022.
No mega deals were recorded in Q3 this year, the first time since mid-2020 that that has happened.
Nigeria still leas with 36% of the equity funding raised, while Egypt has underperformed due to the countries current economic crisis.
Female CEO's and founders have raised 1 in every 5 rounds; that's women founders' highest share since Q1 2021.
Related Report
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The Future of Fintech in Africa
Eighteen percent of the world’s population lives in Africa, and 57% of Africans are ‘unbanked’, without a bank account or a digital wallet. This presents a massive opportunity, making fintech the most dominant and funded tech sector in Africa today. This special report highlights how African fintechs not only have one of the largest total addressable markets globally but are also crucial for achieving financial inclusion and empowering unbanked populations. The potential impact of a successful fintech in Africa is unparalleled. To learn more about the drivers, barriers, and opportunities in African fintech, as well as progress toward financial inclusion, read the special report.
