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Investment into the African Tech Startup Ecosystem

According to the 8th edition of the annual African Tech Startups Funding Report released by startup news and research portal Disrupt Africa, investment in Tech startups passed the $3bn mark for the first time in 2022, with the space withstanding global economic downturns to post a record year. The report notes that in 2022 more startups raised more funding than ever before, in spite of a global downturn in investments, especially in riskier asset classes such as venture capital. Nigeria, Egypt, SA and Kenya remain Africa’s “big four” from a funding perspective, yet they secured a smaller share of total funding between them than in 2021, with startups from more African countries than ever before securing investment. Nigeria remained the undisputed leader, however, with 180 startups raising a combined $976m. Though Nigeria and the rest of the “big four” remain clear leaders, there is still plenty of activity elsewhere on the continent, with startups backed in 27 African countries.

This report is available free to all as part of an open-sourcing initiative in partnership with Flat6Labs, MarketForce, 4Di Capital, Mercy Corps Ventures, Newtown Partners, and InsiderPR.

Alastair Tempest

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