African Tech Startups H1 2023 Funding Report
African tech startups' VC funding dipped by over 50 per cent in the first half of 2023, as 131 startups struggled to raise $1.19 billion.
Africa has emerged as a vibrant hub for innovative startups, transforming industries and revolutionizing daily lives in the ever-changing technological landscape. The African tech startup ecosystem has long been lauded as a hotbed of innovation and entrepreneurialism, with impressive growth and potential. However, the first half of 2023 has revealed a disturbing trend: a drop in funding for African tech startups. With 131 startups raising $1.19 billion, compared to the staggering $3.1 billion raised by over 303 startups in H1 2022. This huge dipped believed to be a ripple effect of the Great Reset that became evident in the last quarter of 2022.