Finance(Ecofin Agency) - Kenya, South Africa, Egypt, and Nigeria collectively absorbed nearly 75% of the total funding raised by African startups in 2023, with fintech companies accounting for the lion’s share. African startups experienced a 36% decline in fundraising in 2023, according to data released on January 3 by the digital economy consulting firm TechCabal Insights. As in previous years, four countries (Kenya, South Africa, Egypt, and Nigeria) accounted for the lion's share of fundraising. Dubbed the "Big Four", they accounted for 74.9% of the total amount raised by all countries on the continent. By sector, fintech start-ups remain the best-funded nuggets in Africa, accounting for 45% of total financing raised last year.
