Next Wave: How investor activity changed after 2022
A surge in startup funding in Africa's tech ecosystem in 2021 fueled by foreign capital and a low-interest rate environment. Major investors like Tiger Global and SoftBank pulled back due to rising interest rates and geopolitical tensions.
Nigeria’s Fintech Challenger OPay Sees Valuation Soar Despite Tech Downturn
OPay's valuation has climbed to between USD 2.7 B to USD 2.9 B, defying market trends. Opera divested its stake in OPay from 31% to 9.44%.
Homegrown African VCs emerge to fill in the gaps foreign investors cannot
Accelerated activity in the African startup scene is reported in regions beyond the traditional markets of Egypt, Kenya, Nigeria, and South Africa. Foreign VC firms accounted for 77% of total funding in 2022, highlighting the need for more local fund managers.
In the wake of Dash’s closure due to fraud, 5 investors talk due diligence in Africa
SoftBank sued IRL, a social media platform, for fraud after discovering that 95% of its users were fake. Dash, a Ghanaian fintech, shut down after an investigation revealed financial misreporting and missing funds.
