 2022 saw a record-breaking boom in capital raised by African tech startups, with the eighth edition of the annual African Tech Startups Funding Report released by Disrupt Africa in January reporting 633 startups raised a combined $3.3 billion over the course of the year.
Despite the positive outcomes of 2022 in terms of capital, 2023 has yet to see such a positive yield. In the year's first quarter, startup funding fell by 57.2% compared to the previous year's period. Less than half the number of startups secured funding in the first quarter compared to the year before, with those startups securing a total of $649 million, down from $1.5 billion in April 2022. |
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