The African Tech sector was one of the few, if not the only, VC markets to boast net growth funding and deals in 2022.
VC funding grew 8% to $6.5 billion in Africa, whereas globally it fell 35% last year, according to the 2022 Africa Tech Venture Capital Report by Partech Africa. Debt funding doubled (+102% to $1.5B), compensating for a slight decline in equity rounds (-6% to $4.9B).
Despite a slowdown in the number of Fintech megadeals, Fintech remains the #1 funded sector in Africa (raising $1.9 billion or 39% of total raised). Cleantech claimed the #2 spot and made a big comeback in 2022 with over $863 million in equity raised (18% of total raised).
Source: 2022 Africa Tech Venture Capital Report by Partech Africa