Funding for African tech startups declined by 39% in 2023, a new report says. Acccording to the ‘2023 the Year of Debt‘ by Africa the Big Deal, total funding raised by African tech startups amounted to $2.9 billion. Despite the decline in funding during 2023, the report highlighted that the outcome was better than many had anticipated. Out of the total $2.9 billion raised in 2023, $1.1 billion was attributed to debt financing. According to the Africa the Big Deal report, in 2023, 500 startups in Africa raised at least $100k, marking a 39% year-on-year decline compared to the 821 startups recorded in 2022.
