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.