TLDR:
- Africa attracted $4.5 billion in venture capital and debt investments in 2023 across 603 deals.
- West Africa, particularly Nigeria, maintained its position as the most active region and country in terms of deal volume.
Africa received a total of $4.5 billion in venture capital and venture debt investments in 2023, with West Africa, led by Nigeria, continuing to be the most active region. The Southern Africa region showed positive year-on-year growth at 20%, indicating a resurgence in venture capital activity. However, the global funding winter in 2023 saw a decline in the global VC ecosystem, affecting investor priorities. Financials, Information Technology, and Consumer Discretionary sectors were the top three sectors for VC investment, with FinTech leading the way in the African tech ecosystem. Gender diversity and female-funded startups still lag behind their male counterparts in terms of deal value. Despite the challenging macroeconomic environment, Africa remains an important region for venture capital investors, with a strong commitment to growth across various sectors and geographies.
