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January 29, 2024
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African tech startup investment takes a dip as global funding slows.

Total investment into the African tech startup ecosystem fell by 27.8% to $2.4 billion in 2023, as the sector was hit by the global “funding winter”. Although 2023 was a challenging year for funding, it still saw 406 startups raise a combined total of $2.4 billion, making it the third best year on record for funded ventures. Notably, the number of active investors fell by almost 50% and M&A activity also declined. The “big four” funding countries remained Nigeria, Egypt, South Africa, and Kenya, although Nigeria experienced a decline of 59%. The fintech sector, which attracted the most investment, also saw a drop of 33.4% to $964 million. Disrupt Africa, a startup news and research portal, released its African Tech Startups Funding Report for free in partnership with Flourish Ventures, AAIC Investment, and Atlantica Ventures. The report provides in-depth information on African startup investments and acquisition trends.

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