Africa Tech VC: Funding Stage Breakdown Overview from 2019 to 2024

The early-stage segment continues to anchor the ecosystem, with Seed deals making up nearly 70% of total transactions—a remarkably steady share over the past four years. Even though the Seed deal count dipped 7%, intensifying competition among investors has pushed average tickets up 26% to US$1.6M, pointing to a robust and resilient landscape for promising startups. Meanwhile, Series A is the only stage to post an increase in deal count (+13% YoY), but average ticket sizes are trending down, suggesting valuations remain under pressure.

Further along the curve, Series B is experiencing the steepest declines, both in deal volume and total funding—possibly reflecting a cautious stance toward mid-stage companies amid tighter capital conditions. In contrast, Growth-stage investments are picking up steam, with a 47% surge in total funding and a 15% rise in average ticket size. This barbell effect—strong interest in Seed and Growth stages but softness in the middle—highlights a strategic recalibration: investors either want in early on the most promising ventures or place bigger bets on companies with proven traction.