Startups in Kenya and Egypt were the top recipients of equity funding from investors in Africa in the first half of 2023 (H1 2023), according to a new report by Briter Bridges. Regarding the deal volumes, the report indicated that Nigeria closed 100 deals, while Kenya has closed over 80 deals so far, followed by South Africa with over 60 deals, Ghana with over 35 deals, and Egypt with over 15 deals in H1 2023. It indicated that the first six months of 2023 have been particularly challenging for startups and investors alike looking to raise funding. Funding to startups in Africa peaked from Q3 2021 to Q1 2022 with the downturn in funding volumes starting in Q2 2022. “The volume of funding dropped by 26% from H2 2022 to H1 2023 and has largely been on a downward trend in 2023.

Source: Daily News Egypt August 28, 2023 20:35 UTC