African tech startup investment falls 28% to $2.4bn in 2023 as global “funding winter” begins to bite
- Total investment into the African tech startup ecosystem fell by 27.8% to US$2.4 billion in 2023.
- The number of funded ventures was down 35.9% on the previous year, and the number of active investors fell by almost 50%.
- Nigeria, Egypt, South Africa, and Kenya remained Africa's top four countries in terms of funding.
The decline in investment in the African tech startup ecosystem in 2023 is concerning, especially considering the impressive growth in previous years. The global capital shortage has had a significant impact, leading to a decrease in funded ventures and active investors. However, there is optimism for the future, with expectations of investment rising again in the coming months.
