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Africa’s Tech Sector Remains Source of Global Investment

Investment into the African tech startup ecosystem passed the US$3 billion mark for the first time in 2022, with the space withstanding global economic headwinds to post a record year. This is according to the eighth edition of the annual African Tech Startups Funding Report released by startup news and research portal Disrupt Africa, which is available free to all as part of an open-sourcing initiative in partnership with Flat6Labs, MarketForce, 4Di Capital, Mercy Corps Ventures, Newtown Partners, and InsiderPR. The report tells the story of an impressive 2022 in which more startups raised more funding than ever before, in spite of a global downturn in investments, especially in riskier asset classes such as venture capital. Nigeria, Egypt, South Africa and Kenya remain Africa’s “big four” from a funding perspective, yet they secured a smaller share of total funding between them than in 2021, with startups from more African countries than ever before securing investment. Nigeria remained the undisputed leader, however, with 180 startups raising a combined US$976,146,000. Though Nigeria and the rest of the “big four” remain clear leaders, there is still plenty of activity elsewhere on the continent, with startups backed in 27 African countries.