Africa’s technology-dominated start-ups will continue to attract investment, even if at a slower pace, following record venture capital funding last year.
start-ups will continue to attract investment, even if at a slower pace, following record venture capital funding last year.
“The fundamentals for a lot of the businesses in Africa remain very, very strong,” Lessem said. “Good businesses will always raise capital. They may have to work a little bit harder.” Africa-focused start-up funds such as Norrsken 22, Novastar Ventures, Partech Africa and TLcom Capital Partners are currently raising about $700-million to expand their investment on the continent, according to Futuregrowth.
In South Africa, where the Futuregrowth High-Growth Developmental Equity Fund invests in start-ups, the value of venture capital deals has grown nine-fold since 2016.The relative depth of South Africa’s capital markets compared to other African nations will help shield it from a downturn in interest from foreign funders, Lessem said.
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