Nigeria Leads in H1 2024 Venture Capital Funding Despite Africa’s Economic Challenges
- Africa experienced a 57% YoY decline in venture capital funding in H1 2024.
- Nigeria became the most funded country due to a $100 million mega deal by Moove Africa.
- Egypt demonstrated resilience with a 15% YoY drop in deals and a focus on early-stage investments.
The decline in venture capital funding across Africa in H1 2024 is concerning, especially considering the vulnerability to global economic uncertainties. The reliance on mega deals in Nigeria highlights a potential sustainability challenge, while the absence of later-stage deals in South Africa indicates a gap in scaling opportunities. However, the resilience shown by Egypt and the growth potential in Kenya and Morocco offer some positive prospects for the continent's venture capital landscape.
