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Analysis > Analysis and Strategy

Venture Capital Activity in Africa: 2023 H1 In Review

Nadia Kouassi Coulibaly, Head Of Research, AVCA
Sept. 1, 2023, midnight
2645

Word count: 673

The first half of 2023 saw 263 VC deals take place in Africa’s venture ecosystem, allocating a cumulative $2.1bn of capital to 258 unique companies. This corresponds to a 40% decrease by both volume and value compared to the $3.5bn raised in 2022 H1. At slightly over $1bn raised each quarter, this contraction in startup funding is being referred to by some as a “funding winter” for African venture capital.

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