Record Funding Drive by African Startups Masks Challenges Ahead
- Firms on continent raised a record $5.3 billion in 2022
- Global slowdown has pushed tech companies to fire employees
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African startups raised a record $5.3 billion last year, though that may be the high-water mark as a deepening slump in the technology industry reduces the funding pool.
While investment in 2022 exceeded the previous year by just $100,000, the number of deals jumped 20% to 964, according to data from Briter Bridges, a market intelligences company.