TLDR: Venture capital funding for African tech startups faced challenges in 2023, with many startups experiencing closures and layoffs. However, this difficult period has highlighted the need for startups to focus on customer value, revenue generation, and sustainable business models. The future of venture capital in Africa in 2024 is uncertain, with cautious optimism about a potential funding resurgence. It is important for African startups to showcase strong capital efficiency and attractive value propositions to overcome funding barriers. Making domestic investments in the tech sector of Africa is crucial, as foreign venture capitalists currently account for the majority of venture funding in the continent.
African Startup Ecosystem: The Untold Story of Triumph and Tragedy
Latest from Blog
Aven Achieves Unicorn Status: Raises $142m in Series D
TLDR: Aven, a fintech company offering home equity-backed credit cards, reaches unicorn status with a US$142m Series D funding round led by Khosla Ventures and General Catalyst. Founded in 2019 by former
Cell BioEngines Secures $2M Funding from SOSV and NY Ventures
TLDR: Cell BioEngines, Inc. secures an additional $2 million in funding from SOSV and Empire State Development’s New York Ventures. The funding will support the company’s first multicenter clinical trial aimed at
The Impact of Alphabet’s Wiz Acquisition on VC Funding
TLDR: Key Points: TechCrunch is part of the Yahoo family of brands Use of Cookies and similar technologies to provide sites and apps, authenticate users, apply security measures, prevent spam and abuse,
Etherfuse secures $125M seed funding for tokenization platform expansion
TLDR: Etherfuse, a tokenization platform, has raised $3 million in a seed round at a $12.5 million valuation. The funding was co-led by White Star Capital and North Island Ventures. Etherfuse, a
CTA Smart secures $3M funding boost
TLDR: CTA Smart, a technology company in the fuel sector, raised US$3M in funding. The funding will be used for expansion into the American market and globally. CTA Smart, a technology company