The numbers for Q1 2023 paint a gloomy picture of the current funding landscape on the continent.
According to Africa The Big Deal, a newsletter that tracks VC funding in Africa, African startups raised more than1.3bnin Q1 2023 (including exits).
Coming on the heels of an impressive run last year, venture funding in Africa (un)surprisingly recorded a major downturn in the first quarter of 2023, no thanks to the global tech downturn and its attendant impact on funding inflow.
This happened to be the best quarter since the start of the meltdown in mid2022 andcomparable to Q2 2022.
- Dramatic decline in venture funding
- What next
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