💵 VC Funding in Africa Faces Slowdown in Q1 2024

The African startup ecosystem experienced a significant funding slowdown in the first quarter of 2024, according to the latest industry report. Despite the challenges, there were some positive signals amidst the turbulence.

Here are 3 key takeaways on VC trends in Africa for Q1 2024:

🔹 African startups raised $542 million across 153 deals in Q1 2024 year-to-date (Jan-Apr), a 45.62% decrease compared to the same period in 2023. However, the number of startups raising $1 million or more increased to 75 vs. 69 in 2023.

🔹 For the first time, Africa-based VCs accounted for the largest share (35%) of investors active in African startups in 2023, surpassing North America (30%) and Europe (25%). This shift highlights the growing prominence of domestic VC activity.

🔹 Among the leading Africa-based investors were firms from Morocco, Nigeria, South Africa, Ethiopia, and Mauritius, reflecting the continent's diverse VC landscape.

As the African startup ecosystem navigates this challenging funding environment, domestic VC firms are emerging as key players, supporting local entrepreneurs and driving innovation across the continent.

Share your thoughts on the Q1 2024 VC trends in Africa and the role of domestic investors in fostering a resilient ecosystem. 📝

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