According to data from Disrupt Africa, African tech startups raised 57.2% less capital in Q1 2023 than they did in the same period last year. The decline in capital raised is particularly concerning because last year, Q1 funding made up more than half of the total capital raised by African startups in 2022. In the first quarter of 2023, African startups raised $649 million, compared to $1.5 billion raised in the same period in 2022. Deal volume also fell by more than 100%, with 87 startups raising capital in Q1 2023, compared to 175 in Q1 2022. Despite the decline, some major deals announced in the Africa ecosystem in Q1 include Planet42’s $100 million combination of debt and equity raise, Lulalend’s $35 million raise, and Carry1st’s $27 million raise.

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