10 African startups that have closed during the “funding winter”, and some that are battling on
- Venture capital funding globally almost halved in the first six months of 2023.
- African tech startups raised just shy of US$500 million in Q3, down 48% compared to the previous year.
- Several well-known startups, including Sendy, 54gene, Dash, WhereIsMyTransport, Lazerpay, Zumi, Zazuu, Hytch, Okada Books, and Pivo, have shut down due to lack of funding.
The decline in venture capital funding globally and in the African tech ecosystem is concerning for startups. The growing number of shutdowns indicates the challenges faced in raising capital. It is important for startups to adapt their strategies and seek alternative funding sources to survive in the current market.
