Egypt overtakes Nigeria in start-up capital as Africa tech funding slows

Egypt overtakes Nigeria in start-up capital as Africa tech funding slows

Egypt led in the total equity funding raised by start-ups in Africa from June 2022 to June 2023, toppling Nigeria, according to data released by an industry group on Tuesday. The North African country surpassed Nigeria - the continent's largest economy - as entrepreneurs raised $540 from June 2022 to July 2023, the African Private Equity and Venture Capital Association (AVCA). Although this was a 25% decrease from the $710 million raised the previous year, it was the least decline among the big four African countries that raised the most financing, the report showed. Egypt was also the only country to climb over the half-billion mark within the period. Funding to tech firms in Nigeria fell the most at 77% year on year to $470 million from $2 billion, the group which promotes private investment in Africa said in its report. South African start-ups lost 53% of their investment, plummeting to $420 million, while deal making in Kenyan fell by 69 percent to $300 million during the same period. During 'the funding heatwave' between June 2021 and June 2022, the Big Four - Nigeria, Kenya, South Africa and Egypt - jointly raised $4.6 billion. This fell to $1.7 billion in