Bendada.com, a leading tech-focused media platform in Nigeria, has announced its inaugural State of African Tech Funding Report 2023.
This comprehensive report sheds light on the remarkable events that took place in the African tech ecosystem in 2023.
- “The trajectory of venture funding to African startups is beginning to look like a bell curve from barely anything 10 years ago to a rapid acceleration in 2021, peak funding in 2022, and a deceleration starting from 2023. Our analysis reveals that without any intervention, this year 2024 could continue last year’s decline,” says Benjamin Dada, Founder and Publisher of Bendada.com.
Last year, African startups raised $2 billion in equity funding which is a 43% decline from 2022, according to the BD Funding Tracker curated by the Bendada.com team.
- “Following the record jump of over 200% in funding to African startups in 2021, we began to pay closer attention to the funding numbers. We believe that following the money provides a lens to examine Africa’s changing landscape of innovation and entrepreneurship. However, no two funding reports came to the same conclusion as to the funding statistics and insights. So, starting 2022, we decided to build our proprietary database and subsequently, generate our insights” adds Dada.
Key findings from the report include the following:
- Total amount of equity funding raised by African startups
- Top destinations for funding in Africa
- Hottest sectors in African tech
- Layoffs and shutdowns of 2023
- Outlook and startups to watch in 2024
- “As an indigenous and independent media organization, we have become a trusted source of tech and startup news on the continent.
- We have taken that to the next level by converting the unstructured and siloed data we share in the form of funding announcements to something more actionable like a report.
- It’s our first one and we are excited to see how this shapes the next phase for the continent,” concludes Dada.
Launched in June 2018 by former tech journalist Benjamin Dada, Bendada.com has become a top tech and startup-focused media publication in its home, Nigeria, and beyond.
The company publishes a weekly roundup of tech in Africa in its newsletter, BD Insider; an open and actively maintained funding tracker, BD Funding Tracker, and multiple content series focused on talents, investors, and entrepreneurs.
The recently released report has been downloaded hundreds of times and you can get your free copy of the State of African Tech Funding Report 2023.
