As Decline Looms In SA, Push For ‘Long-Overdue’ Startup Act Intensifies
41% year-on-year drop in venture funding in 2022. South Africa slipped to 3rd and 4th place in Africa's tech ecosystems in 2023 and 2022 respectively.
IFC Proposes Investment in Moroccan EmergingTech Ventures Fund II
IFC proposes investment of up to USD 4 million in EmergingTech Ventures Fund II. Emtech II is a Moroccan early-stage VC fund targeting a first closing at USD 40 million.
Tunisian startup Clusterlab raises $600,000 in pre-seed funding round.
ClusterLab has secured $600,000 in pre-seed funding. The funding will be used to enhance the Arabic audiobook summarization app, Reedz.
Senegalese logistics marketplace Logidoo raises $1.5 million in funding.
Logidoo has secured a substantial funding of US$1.5 million to bolster its strategic growth initiatives. Founders Factory Africa, Sunny Side Venture Partners, 216 Capital, Maroc Numeric Fund II, Gullit VC, and Kalys Ventures were key participants in the funding round.
How African startups raised funding in 2023
VC investments in African startups dropped considerably in 2023, following a global funding slowdown. Investors diversified their risks with more funding and deals in French-speaking Africa.
