Nigeria has been the best-funded country in Africa, from a tech startup perspective, for the last two years, but it suffered a sharp fall from grace in 2023. The number of funded ventures, and the total funding raised, declined for the first time since 2016, though not as dramatically as many had feared. As for the other “big four” markets, all saw fewer startups secure capital, but it was a mixed bag when it came to total funding. Stronger than expected performances in Kenya and South Africa, then, actually meant the share of investment secured by the four leading markets increased. The share of funded startups, however, did decline, to 71.9 per cent from 75.8 per cent.
