African startups in fintech, artificial intelligence (AI), and climate technology have attracted the lion’s share of venture capital on the continent. According to a recent report by the African Private Equity and Venture Capital Association (AVCA), these sectors captured 58% of all venture capital deals in the first nine months of 2024. North Africa Surpasses West Africa in Venture FundingFor the first time, North Africa has outpaced other regions in both the volume and value of venture deals. East Africa came in second with $196 million raised through 75 deals, while West Africa, traditionally the top performer, dropped to third with $185 million raised in 73 deals. Southern Africa raised $152 million from 51 deals, while Central Africa lagged with only $6 million from 7 deals.

Source: The North Africa Journal November 18, 2024 16:55 UTC