Key questions this article answers:
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African tech funding between the first quarter of 2022 and 2023 dropped significantly. What sectors have survived this funding slowdown?
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What sectors have attracted funding across the top 10 African countries in 2023?
The year is 2025. Founders and startups that made it through tell their story of 2023—a relatively “red year” for the African tech ecosystem.
Recent numbers have confirmed a slowdown in funding (aka funding winter) to African startups. Depending on the dataset you consult, the drop in total funding raised between the first quarter (Q1) of 2022 and 2023 ranges between 29% and 57%.
We have also witnessed Kenyan e-commerce leader Copia Global exiting its Ugandan market due to macroeconomic conditions and the shutting down of startups like Hytch and the much-heralded LazerPay.
While this is happening, the ecosystem has also recorded some successes. We gained a new Unicorn—MNT-Halan, on the back
