Unveiling the Tech Investment Surge in Africa’s Big Four Markets – 2023 Overview

In 2023, Africa witnessed a shift in tech investments, notably in the big four tech markets: Egypt, Nigeria, Kenya, and South Africa. ‘Africa: The Big Deal,’ a tech research firm, reported a more balanced distribution of tech financing among these nations.

Contrary to Nigeria’s historical dominance, Kenya surpassed it in 2023, securing the highest amount of tech funds on the continent. The report highlighted a significant equalization of tech funding across the big four markets, representing 87% of all startup funding in Africa, with Kenya leading at 28% of the total.

Kenya, despite a -25% YoY decline, attracted just under $800 million in 2023, claiming 91% of Eastern Africa’s funding. Nigeria, in contrast, experienced a notable drop from $1.2 billion in 2022 to $410 million in 2023, the lowest among the big four, despite hosting 146 startups.

Egypt, with the lowest number of ventures among the big four, totalling 48, raised $640 million, the second-highest after Kenya. South Africa boasted 70 startups raising $600 million in 2023. The report emphasized the changing landscape and dynamics within Africa’s tech ecosystem, reflecting a more evenly distributed investment scenario among the prominent markets.

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Ikenna Churchill

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