2023 Funding in Africa Could be Below 2022 Levels
13 November 2023•
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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.
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