https://techcrunch.com/2024/01/05/african-startup-ecosystem-outlook/

Last year presented a tough period for African tech startups. Venture capital was hard to bag (as predicted earlier), bridge and down rounds became the norm, and news of fire sales, layoffs and startup closures reverberated across the continent.

With the overall amount of VC funding raised in Africa dipping significantly across the year, according to initial reports, after steady growth over the last decade (and the windfall of the previous two years), startups and scale-ups in the continent have suffered far-reaching consequences. Unshockingly, while capital became elusive from all fronts, growth-stage companies in Africa bore the brunt of the market correction, hot on the heels of a season of bountiful funding and high valuations.