February 21, 2024


most recent, and Now that it’s over, the venture capital boom is a global event. While traditionally busy markets such as North America and Europe have benefited from an explosion in capital, other regions with emerging startup scenes have also seen a huge boost in their ability to attract capital. Southeast Asia is a common example of this phenomenon. The same goes for Latin America.


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Total venture capital investment in Africa also soared during the last startup gold rush. Much like other startup regions around the world, venture capital performance in Africa has declined in recent quarters.In fact, March released the described as Africa had its “worst month in 2.5 years,” including “monthly funding for African startups dipping below the $100 million mark for the first time since 2020,” according to venture capital-focused publications The Big Deal and the continent’s startup market.

Clearly, this quarter was a step backwards. Naturally, we wanted to better understand what’s going on in one of the most exciting venture capital markets in recent years. So this morning, The Exchange gathered two more sources of data for our consideration.

We know there are still deals going on in Africa. TechCrunch recently reported on a $4 million funding round for Shuttlers, which we describe as “Nigeria’s shared mobility company.” Senegal-based Chargel recently raised $2.5 million. However, TechCrunch’s coverage of individual rounds is clearly partial compared to all activity, so we need to work on aggregations to determine a clearer picture.

Looking at the ceiling of funding raised, the slowing pace of fundraising for African startups kept their quarterly results below the billion-dollar mark. This is weak support for such a large, geographically diverse and increasingly digitally connected region.

Let’s talk VC results, unique issues for African startups, and look ahead to see if we can catch any good news on the horizon.