Companies in the cryptocurrency space appear to be the most impacted by global funding, with about four companies ending their operations.
Although the hike in interest rates from countries like the United States of America and the United Kingdom accelerated the economic meltdown in most companies, experts say the funding decline is mainly a market reset from the hype that has characterised activities in the global tech ecosystem in recent years.
Tech companies in Nigeria and other parts of Africa came short on the funding trail, finding it difficult to convince investors to sign more cheques than they did in the previous year or even fulfil existing funding obligations in the first quarter of 2023.
The programme provides startups not only funding but also handson support, connections, and resources to help founders build solutions that are relevant to the African economy.
While tech companies remain attractive, investors are wary of staking money on the potential of a startup to deliver what the founders are promising.
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