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African Tech Startups Face Funding Decline of 48% in Q3 2023 Amid Global Capital Crunch

African Tech Startups Face Funding Decline of 48% in Q3 2023 Amid Global Capital Crunch

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#funding
African tech startups raised US$492,418,000 in Q3 2023, taking the total for the first nine months of the year to US$1.4 billion, down 48 per cent on the corresponding period in 2022 as the global capital crunch continues to impact the continent’s startup sector.

🌍 African tech startups face funding challenges in Q3 2023, raising $492.4M, down 48% YoY, amid a global capital crunch.


📉 The first nine months of 2023 saw a total of $1.4B raised, marking a significant decline compared to 2022's remarkable growth.


🚀 In 2022, 633 African tech startups secured $3.3B, showcasing a 12.2% increase in funded startups and a 55.1% rise in total funding compared to 2021.


📉 However, 2023's funding landscape mirrors global investment trends, with only 186 ventures securing $1.4B so far, down 48% from the same period in 2022.


📊 Quarterly figures show a steady decline, with Q3 being the worst-performing quarter this year.


📈 If this trend continues, year-on-year funding for African tech startups may decline by approximately 54%.


🌐 The global capital crunch is impacting the startup sector across the continent, leading to funding challenges.


#AfricanTech #StartupFunding #GlobalInvestment #TechNews


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