The report points out that the African continent as a whole has coped better than any other region in the world with the downturn in the venture capital market, which has been triggered by economic uncertainties and global geopolitical tensions.

African-based investors accounted for 29.4% of all players in the venture capital industry who funded African startups in 2023. This represents a noticeable increase from 23% in 2022, according to a report released on March 19 by the African Private Equity and Venture Capital Association (AVCA).