https://techcrunch.com/2023/10/26/african-vcs-and-startups-are-eyeing-the-middle-east-for-new-capital-but-theres-a-catch/

African startup funding has seen a significant decline of more than 50% over the past three quarters compared to the previous year, as reported by The Big Deal. To date, startups on the continent have secured funding in the range of $2.5 billion to $3 billion, based on data from The Big Deal and Briter Bridges. With one quarter remaining, it appears unlikely that this figure will reach the levels seen in 2021 and 2022, when venture capital peaked at $5 to $6 billion, encompassing equity and debt deals.

It’s essential to note that this decline isn’t exclusive to Africa. Venture capital worldwide has retraced to pre-COVID levels. However, Africa’s diminishing numbers are particularly concerning given its reliance on external funding, especially compared to other emerging tech ecosystems such as India and Latin America.