https://techcrunch.com/2023/01/27/how-african-startups-raised-venture-capital-in-2022/

Earlier this month, we reported that investors’ sentiments surrounding venture capital activity going into this were more reserved than upbeat. Investors believe the market correction, which caught up with the continent in the second half of 2022, will spiral into this year. But before that, there was shared optimism that African startups would raise more VC funding last year than in 2021 when the continent, for the first time, passed the $4-5 billion threshold. 

There was reason to believe so. For one thing, by the first half of 2022, Africa seemed to defy the global venture funding decline after its startups raised $3 billion, double the amount secured over a similar period the previous year; therefore, a twofold increase by December seemed plausible. It didn’t turn out as expected, as equity deals on the continent by the end of the year hovered around $4.8-$5.4 billion, per insights from data trackers Briter Bridges, Partech and The Big Deal, with slight percentage differences from their 2021 numbers.