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1. Venture Funding Rise: $621.8 Million in Q2 2023
Venture funding in African tech surged to $621.8 million during Q2 2023, marking a substantial YoY increase.
2. Mega Deals Boost May Funding: 42% YoY Increase
May 2023 witnessed a 42% YoY increase in funding, driven by two mega deals: M-Kopa secured $255 million and SunKing’s $130 million securitization deal.
3. Mixed Momentum: April and June Deals at $129.8 Million and $126.2 Million
In contrast to May’s surge, April and June 2023 recorded funding deals of $129.8 million and $126.2 million respectively.
4. Total Q2 2023 Funding: $877.8 Million across 220 Startups
In Q2 2023, a total of $877.8 million was raised by 220 startups, reflecting a 6.9% increase from Q1 2023.
5. Fintech’s Shift: Energy Sector Claims 53% of Funding
Energy-focused startups dominated Q2 2023 funding, raising $486.9 million, accounting for 53% of total funding.
6. Fintech Funding Reality: Limited Success in June 2023
Fintech startups in Q2 2023 faced funding challenges, with limited success in June compared to previous quarters.
7. Nigerian Funding Lead: $462.4 Million Raised
Nigeria secured the highest venture funding in Q2 2023 with $462.4 million, outpacing Kenya, South Africa, and Egypt.
8. Kenya’s Rise: $149.3 Million Funding
Kenya secured $149.3 million in Q2 2023, experiencing a notable rise in funding compared to previous quarters.
9. South Africa and Egypt: $214 Million and $6.1 Million Funding
South Africa and Egypt secured $214 million and $6.1 million respectively, with South Africa’s funding experiencing a decline.
10. Expansion Trend: Autochek’s Acquisition and Farmerline’s Launch
Q2 2023 witnessed expansions with Autochek’s acquisition of AutoTager and Farmerline launching in Ivory Coast.
11. Cybersecurity Concerns: Showmax and Nigerian Banks Targeted
Cyberattacks targeted MultiChoice’s Showmax and Nigerian banks, exposing vulnerabilities in digital platforms.
12. Shutdown Impact: Lazerpay and Copia Global
Lazerpay, a Nigerian crypto startup, and Kenyan e-commerce company Copia Global experienced shutdowns.
13. Layoffs Across Startups: Twiga, Eyowo, and Chipper Cash
Layoffs hit African startups, including Twiga, Eyowo, and Chipper Cash, due to various economic challenges.
14. Zimbabwe’s Digital Currency Launch: $39 Million Raised
Zimbabwe launched a digital currency, selling $39 million worth of gold-backed digital tokens.
15. Nigeria’s E-Naira: 98.5% Inactive Wallets
Nigeria’s e-naira faced challenges, with 98.5% of 14 million created wallets remaining inactive.
16. Regulatory Changes: License Revocations by Central Bank
The Central Bank of Nigeria revoked licenses for 179 microfinance banks, four primary mortgage banks, and three finance companies.
17. Economic Growth: Africa’s Projections
Africa’s economic growth is set to outperform global averages, with projected GDP growth averaging around 4% in 2023 and 2024.
18. SSA Growth Slows: 3.6% in 2022 from 4.8% in 2021
Sub-Saharan Africa’s growth slowed to 3.6% in 2022, a decrease from 4.8% in 2021 due to COVID-19 and other global factors.
19. Resilient Regions: Positive Growth Despite Challenges
Despite challenges, all five African regions exhibited positive growth in 2022, with projected stable outlooks for 2023-24.
20. Sub-Saharan Africa’s Debt Challenges: 22 Countries at High Risk of Debt Distress
Over the years, Sub-Saharan Africa’s public debt has tripled, with 22 countries facing a high risk of external debt distress or already in debt distress.
“Did you know?” is a regular business facts column in the Business Elites Africa Magazine.
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