Start-ups in Nigeria and other African countries raised $5.4bn, according to a new report by Briter Bridges.
Commenting on what might happen to funding if the global market slows down, the firm said, “All ecosystems have their winners and outliers and, in principle, there is no issue with the presence of non-African investors.
“However, the over-reliance on a few overseas funders can alter the perception of capital availability within the continent and, when or if these overseas investors decide to pause or slow down their investment activity in times of crisis — such as during COVID-19 or the bubble burst of mid-2022 — late stage companies that had grown during a period of capital abundance, may struggle to find available money pools.
Recently, Africa The Big Deal announced that total funding into the African tech ecosystem was $4.85bn.The data insight firm that tracks deals above $100,000 disclosed that there were 1,000+ deals of $100,000 or more announced in 2022.Start-ups in Africa raised record amounts in 2022, but it could have been more.
The data insight firm concluded, “So, yes, 2022 was definitely a good year, yet with talks of slowdown and uncertainty dominating the second half of the year, the mood isn’t always that celebratory. “Not to mention that if the H2 trend were to continue, 2023 could be the first year of decline in absolute numbers for the ecosystem. But with a lot of capital ready to be deployed, let’s hope that when the clouds eventually part, the ecosystem will take advantage of this to show us once again it’s got more than one trick up its sleeve.”All rights reserved.
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