Despite a slowdown in funding across the African continent, Nigerian startups have raised an impressive $160 million in the first three months of this year, as revealed by a new report from Africa: the Big Deal. Nigeria, alongside Kenya, South Africa, and Egypt, accounted for 87 percent of all startup investments in Africa during this period.
Among the “Big Four,” Nigeria led the pack with $160 million in funding, followed by Kenya with $108 million, South Africa with $72 million, and Egypt with $53 million. Despite the overall decline in funding volume compared to Q1 2023, African startups managed to secure a total of $370 million across 120+ deals in the first quarter of this year.
Despite the challenges posed by the funding slowdown, African startups are showcasing resilience by continuing to innovate and develop new business models.
Source: Business Day