Funding for African Startups Doubles in First Half of 2022
- Cumulative venture-capital deals to hit $7 billion by year-end
- Africa is defying a global slowdown in startup funding
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Funding for African startups is on track to hit a record this year despite a slowdown globally, according to a new report.
Venture capital deals on the continent reached $3.5 billion in the six months through June, more than double the amount in the same period a year earlier, according to the African Private Equity and Venture Capital Association. The funds were raised by 300 companies, with 27% of the companies led by female founders, or having at least one female founder. This compares to 25% in the previous year.