The story so far
The VC slowdown in 2023 so far (Jan.–June) has been characterized by a YoY halving of both the number of $1 million+ deals and the amount raised (excluding exits) and mounting pessimism across sectors and among founders. However, what has been really noticeable is how things are looking better for some markets like South Africa and Egypt, who, unlike their Big 4 counterparts (Nigeria and Kenya), have been able to rake in good numbers.
For the Southern African ecosystem, 2022 was a modest year in terms of funding. The region was seen as in a more critical condition than other African regions, accounting for 12.5% ($600 million) of the $4.8 billion raised in 2022.