venture capital (VC) activity in Africa has seen a notable upswing in Africa
2022, venture capital (VC) activity in Africa has seen a notable upswing in Africa, with startups in the continent amassing $4.8 billion. However, this figure still represents a small fraction—just 1.2%—of the total global startup funding. Launch Africa Ventures, A standout venture fund, has made significant strides by injecting $36.3 million into over 110 startups across 21 African nations. The fund primarily targets seed and pre-Series A startups, with an average investment ranging between $250,000 to $300,000. Despite this progress, it's clear that the potential for startup funding in Africa on the global scene remains vast and largely untapped.
The financial technology (fintech) sector has emerged as a key player in Africa, recording numerous "mega deals" that surpassed the $100 million mark. Prominent fintech startups such as Flutterwave, MNT-Halan, Interswitch, and MFS Africa are leading the charge. However, the sector experienced a minor setback, with its share of funding dipping by 16% between 2021 and 2022. Regardless, the African Development Bank continues to underscore the significance of innovation and financial services as vital drivers for inclusive growth on the continent.
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