African startups are still attracting more capital with funding that reached $6.5 billion in 2022, up 8% compared to 2021 through 764 transactions, up 6%. This is what the 2022 report of the venture capital fund dedicated to technology startups in Africa, Partech Africa, indicates.

Equity funding, which represents around 75% of funding for African startups, is down by 6% and debt financing has doubled to $1.5 billion. According to Partech Africa, “despite a plunge in 2020 during COVID, the ecosystem has continued to grow, with a CAGR of 46% in funding volume since 2018: a multiple of 4.5x over four years.” Apart from the top four countries, Ghana ($202 million), Algeria ($150 million), Tunisia ($117 million), and Senegal ($105 million) were the only other countries to have crossed the $100 million threshold.