2023 venture capital inflows to African tech firms declined 31% to $4.5B, mainly due to global liquidity declines, geopolitical conflicts, and challenging macroeconomic conditions.
2023 saw a 31% decline in venture capital inflows to African technology firms, down to $4.5B, according to the London-based African Private Capital Association. The drop in investor numbers, deals, and active investors has been attributed to global liquidity declines, geopolitical conflicts, and challenging macroeconomic conditions. West Africa attracted the largest proportion of venture capital deal volume, with Nigeria leading in volume.
March 20, 2024
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