A Magnet Foundation report has shown that the funds raised by startups in Africa during the first quarter (1Q) of this year declined significantly compared to the same period last year. According to the report, startups in Africa raised about $561m during the first three months of this year, compared to $1.3bn for the same period last year. The report said that the deals in the first quarter of this year amounted to about 113 deals, making it the lowest quarter of deals since the second quarter of 2020 and the lowest financing quarter in terms of deals since the first quarter of 2021. According to the report, South Africa overtook Nigeria and Kenya to become the second most funded region on the continent. Egypt, with the support of the Halan deal, maintained its position as the best funded geographic region.
