African Startup Investments Fall for First Time in Almost a Decade
- Pandemic related slowdowns make investors wary of big deals
- Funding rounds increased in Nigeria, Egypt, South Africa
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Funding for African startups slowed for the first time after nearly 10 years of growth as investors in the fledgling tech scene were put off by the Covid-19 pandemic, according to venture capital firm Partech Partners.
Companies on the continent raised $1.43 billion in 2020, down 29% from a year ago, Partech Partners said in a report. Just two deals above $50 million closed last year compared with 10 in 2019.