Appetite from local investors fuels surge in African startup funding
DESPITE a steep downturn in startup funding in Africa since 2022, more African investors are channelling substantial investments into homegrown enterprises. This is a marked departure from the previous years, when North American investors, particularly from the U.S., led the charge in startup funding across the continent. Analysis from Africa: The Big Deal identified at least 619 unique investors who participated in deals of $100k or more within the continent, 35% of these investors were headquartered in Africa, making it the region with the most investors in African startups. This shift came after a dramatic 47% year-on-year drop in the…