Why Africa is defying global trends in VC funding

In recent weeks, tech media has been awash with coverage of falling startup valuations and sell-offs of once-booming stocks in vibrant sectors.

May 2022 is the first time in over a year that global VC funding has fallen under $40 billion, standing at $39 billion according to industry trends analytics company, Crunchbase. This is down 20% from $49 billion a year earlier in May 2021 and far below the $70 billion peak of November 2021.

In the first quarter of 2022, the US and Asia both recorded 1% year-on-year declines in venture funding. Europe and Latin America saw growth of 33% and 35% respectively.

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Originally published on Quartz : Original article

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