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Africa, like other Regions also had a Funding Meltdown

In the first half of 2023, startup funding on the continent plummeted to over $1 billion. 263 VC deals were completed, totalling $2.1 billion, this marks a 40% reduction in both deal volume and funding compared to the previous $3.5 billion last year. This downturn spurred investors to shift their focus towards early and late-stage startups. Consequently, many African startups have also been forced to halt their operations due to decreased demand and funding scarcity. Some of these African startups include Dash, Sendy, Wabi, Lazerpay, Zumi, 54gene and Hytch. West Africa led venture capital (VC) deals across the continent, boasting the highest volume in the first half of the year. It secured 68 deals, constituting more than half of the total deals in Africa. East Africa ranks second with South Africa and North Africa trailing behind respectively.