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African investors say they are stepping up to fill the region’s startup funding gap created by many US venture capital firms who have stayed away in the last two years.
African startups are on track to raise a smaller sum in 2024 than a year ago, according to data by Africa: The Big Deal. The 2023 total was 37% down from the record high of the previous year. US investors created a “bubble” in the era of low interest rates but valuations have reset, said Kola Aina, founding partner at Ventures Platform.
Funds announced this year by TLcom Capital, Verod-Kepple Africa Ventures, Partech Africa, and Janngo Capital mean there is more than half a billion dollars that African startups can access. Aina said he knew of “two or three” other funds that may be announced in the coming weeks.
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