VC funding tripled on the Mother Continent between 2020 and 2022, but the global headwinds has caused the iceflows of the much anticipated VC winter to finally reach African shores. 2022 was a landmark year for African VC investment, ending the year with a total of $3.2 billion invested over 796 deals. Pitchbook data shows us that at the end H1 2023, there are less than 50% of last year's deals inked, and a 45% drop in funding. This means that the shrinking portion of capital getting deployed in Africa is being distributed to later stage startups to backup industry incumbents. Consolidation is likely to continue, as 2022 saw 5X increase in exits via buyouts versus exit via acquisition or IPO.